MBA Hails Paulson’s Plan for Tax Exempt Bonds for Mortgage Refis
Dec 3, 2007
Washington, DC (December 3, 2007) – Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) applauded a proposal unveiled today by Treasury Secretary Henry Paulson to expand tax-exempt qualified mortgage bond programs to refinance existing loans.
Under current law, these tax exempt bond programs can only be used to support purchase loans. Secretary Paulson proposed making the tax change effective for the years 2008 through 2010.
Mr. Quinn issued the following statement:
“MBA has been advocating just such a move, and we thank Secretary Paulson for his leadership in making this issue a priority. We believe it will give housing finance agencies a tool to help at-risk borrowers in this time of mortgage market uncertainty by allowing states and localities to help lenders offer at-risk borrowers the opportunity to refinance into a more affordable loan.
We look forward to working with Secretary Paulson and Congress to implement this important change. In the current mortgage and housing environment we must continue to find new, innovative ways to help borrowers who face difficulties with their mortgage payments. We all agree on the need to help keep homeowners in their homes, because nobody wins when a home goes into foreclosure.”
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