MBA's Quinn Applauds Stimulus Agreement

Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) today hailed last night's passage in the House and Senate of an economic stimulus package. Quinn issued the following statement:

'This is an important step toward helping the U.S. economy. The housing components of the stimulus package should provide much needed liquidity for the mortgage markets, especially in areas with high housing costs.

The temporary increase in the loan limits for FHA, Fannie Mae, and Freddie Mac will help consumers by providing important financing options, and will help restart the securitization market for higher value loans. It will be especially important in expensive housing markets like California and parts of Florida and New York.

However, this action does not in any way lessen the need for modernization of FHA or GSE oversight reform - two key advocacy priorities for MBA. Both the House and Senate have passed FHA modernization. The two bodies need to come to a quick agreement on a final bill and send it to the President. Likewise, the House has passed GSE reform oversight and we are pleased to see that Senator Dodd has scheduled a hearing for next week. We hope he can shepherd legislation through the Senate quickly.'