Mortgage industry’s letter to President Obama
After several years of struggling with an injured housing sector, the Mortgage Bankers Association, who we all look to for their economic indicator regarding mortgage application volume, has issued a statement regarding the re-election of President Obama, with not only congratulations, but with a strong urging that the President appoint a federal housing policy coordinator.
“The Mortgage Bankers Association congratulates President Obama on his re-election and looks forward to continuing to work with the administration on efforts to revitalize the real estate and mortgage markets. We encourage the President and Congress to work in a bi-partisan, cooperative manner so continued progress can be made on the critical issues our nation continues to face.
“We are at a very delicate time in a fragile housing recovery, and government and regulatory policies around housing need to be carefully thought out, in a comprehensive manner, ever-mindful of the way new programs, rules and regulations intersect with each other.
“That is why we are renewing our call on the President to appoint a federal housing policy coordinator to act as a ‘traffic cop’, not to make rules and policies, but rather to ensure a coordinated housing policy where federal and regulatory agencies are effectively talking to each other as the rulemakings and policies are proposed and adopted in order to ensure that they complement each other.
“We applaud this administration for the work that has been done to help borrowers in need and to establish rules to protect consumers from abusive lending practices. It is now critical that we build upon that progress in a balanced way that will protect current and future borrowers, while still giving qualified consumers access to the credit they need. Investment in, and financing of, real estate remains a crucial building block for this nation’s economy.
“MBA supports efforts that protect consumers without cutting off the supply of mortgage credit through burdensome regulation and exposure to litigation. We will work with the Obama administration to ensure that policymakers understand the nature of the tradeoffs involved in various regulatory and legislative efforts.
“Economic growth must be an overarching goal of the President’s second term, and our industry is committed to being a productive partner with all policymakers to ensure that rules are put in place that will foster safe, sustainable investment in real estate.”