Dear MORPAC and Mortgage Action Alliance Members:
I want to pass along a letter from our Chairman, David Kittle, CMB, and
President and CEO, John Courson, to you on the victory we accomplished
together on "cram down." They want to express their sincere gratitude for
all your efforts on this important issue for MBA and the industry. Please
feel free to contact me if you have any questions.
TO: MORPAC & MAA Members
On Thursday April 30, MBA , and you our members who have been so active in
the MBA's advocacy efforts, earned a hard fought victory when the U.S.
Senate once again rejected an amendment that would have given bankruptcy
judges the ability to modify, or "cram down," terms of a primary mortgage.
The amendment, offered by Sen. Richard Durbin, D-Ill., as part of a broader
bill (S. 896), failed by a 45-51 vote. Sen. Durbin needed 60 votes for the
amendment to be included in the broader bill; it is the fourth time in the
past two years that a Durbin-sponsored cram down amendment has failed, this
time by the largest margin yet.
Playing a key role in the defeat were the more than 300 participants who
came to MBA's National Policy Conference in Washington last week. On the day
of this crucial vote, hundreds of MBA members, including 84 Certified
Mortgage Bankers (CMBs) and 33 alumni of MBA's Future Leaders program,
visited congressional offices on Capitol Hill, pressing senators to vote
against the amendment.
MBA was the leading voice in the 18-month campaign to defeat cram down.
MBA testified on Capitol Hill twice in the last year-and-a-half that the
effects of cram down could raise interest rates for consumers and dry up
access to credit.
In addition, through the Mortgage Action Alliance every United States
Senator understood how bad this legislation was, and how many people in our
industry opposed it. This is a great example of your effectiveness as
advocates for our industry in Washington.
MBA's advocacy effort left no stone unturned. We combined intense lobbying
with an integrated communications campaign that put MBA spokespeople and
allies in a wide range of print, broadcast and news media to take our
message to policy-makers and thought leaders throughout the country.
While we are pleased to report last week's victory, MBA will remain vigilant
on this front. Senator Durbin has promised, "this is not the last time" he
will raise the issue.
Again, thank you. This is your victory.
Yours Very Truly,
John A. Courson David G. Kittle, CMB
President & CEO Chairman
Mortgage Bankers Association Mortgage Bankers Association |