Mortgage Bankers Association Calls For Increased Consumer Protection
More Americans are suffering with debt these days, making it harder for consumers to qualify for new mortgage loans.
Now, the Mortgage Bankers Associations, a 280,000-person national organization that represents the real estate finance industry, along with several other trade associations have sent a letter to federal regulators that lobbies for improved disclosure for mortgage borrowers.
The letter, addressed to Federal Reserve Board chairman Ben Bernanke, Treasury Secretary Timothy Geithner and other officials, calls for an extension of the Truth in Lending Act. The associations believe this will make it easier for consumers to understand mortgages and settlement costs, and shop better for their financial needs.
"We share the widespread concern over the growing national debt and want to help identify reasonable solutions," MBA chairman Michael Berman said Thursday. "Given the fragile state of the nation's housing market, now is not the time to be scaling back incentives for homeownership."
The groups also call for modifications to the Real Estate Settlement Procedures Act and urges regulators to work with Elizabeth Warren, the director of the new Consumer Financial Protection Bureau.
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