WASHINGTON, D.C. -- John A. Courson, (top right photo) Chief Operating Officer of the Mortgage Bankers Association (MBA) today issued the following statement in response to Treasury Secretary Paulson's (top left photo) comments on the steps the Treasury will take to support liquidity in the financial markets.
"The moves Secretary Paulson announced to increase GSE and Treasury purchases of mortgage-backed securities should provide support for mortgage rates. The fear was that the illiquidity in the financial markets we have seen this week would have reversed the recent drops in mortgage rates.
"The broader steps outlined by Treasury are aimed at ending the further meltdown in the financial markets and are designed to minimize the resulting impact of the market turmoil on the broader economy. It is another step in the long-term process of restoring a balance between the supply and demand for housing in a number of markets and thus addressing the continuing problem of mortgage delinquencies and foreclosures.
"The mortgage finance industry looks forward to continuing to work with Congress and the Administration on this historic proposal."
CONTACT: John Mechem, (202) 557-2924, jmechem@mortgagebankers.org
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