MBA Applauds Senate Passage of Housing Stimulus Legislation

Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association today issued the following statement following the Senate's passage of housing stimulus legislation.

'This bill contains a number of critically important provisions to help stabilize the mortgage and real estate market. We support many of those, including the modernization of FHA, the expansion of mortgage revenue bond programs and additional funding for housing and credit counselors to help those borrowers who are facing difficulties making their mortgage payments.

'I want to thank Senators Reid, McConnell, Dodd and Shelby for their bipartisan leadership in crafting a broadly supported compromise. We look forward to working with leaders in the House to help stabilize the market and further assist at risk borrowers.'