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MAA Needs You to Tell Your Colleague !

The election of a new Administration and larger majorities in both houses of Congress present a unique opportunity to get involved and take action in the political process. So that's why MAA is in the middle of an exciting new Tell Your Colleague campaign to help gear up for 2009. If you have a little free time going into the holiday season, why not encourage your industry colleagues to join up with the Mortgage Action Alliance? It's FREE, EASY, and ENTIRELY VOLUNTARY. And, it only takes a few moments if you click here . Once you sign up, from time to time in the months ahead, you may be asked to help by voluntarily participating in an e-mail campaign to support the industry position on proposed legislation. MAA staff does most of the work for you, so it literally only takes a couple of mouse clicks to participate at critical moments.

Please join MAA, and if you're already a MAA member please encourage others in the industry to get involved as well. It's the simplest way to stay involved and at the same time help the industry continue to succeed. And remember, you don't have to be an MBA member to join, and no dues are required. Now, more than ever, the industry needs to speak with a strong voice of leadership.

MBA Year End Advocacy Update Summary

Perhaps the most overused word in our industry during 2008 was "unprecedented," with runner-up prizes going to "historic" and "extraordinary." Actually, all these words fall short of describing the events of the past 12 months. If, like Rip Van Winkle, you had fallen asleep in December of 2007 and awakened today, you might not recognize the mortgage industry.

Some of the nation's largest mortgage lenders have been removed from the field, including industry leaders like Washington Mutual, Indy Mac, and Wachovia. All of the major Wall Street investment banks have either disappeared or converted to commercial banks, including Bear Stearns, Lehman Brothers, Merrill Lynch, Morgan Stanley and Goldman Sachs. Finally, Fannie Mae and Freddie Mac have been placed into conservatorship with major questions looming over their futures.

The housing crisis has morphed into a full-blown global crisis, threatening to produce economic dislocation not seen since the Great Depression. In world capitals and Washington D.C., policymakers have often resorted to highly interventionist approaches in search of solutions. The U.S. Congress passed three major bills this year dedicated to addressing the financial crisis and the Federal Reserve and Treasury threw away their playbooks and adopted a host of untested policies.

Throughout this tumult, MBA maintained a strong and visible presence as an advocate for the mortgage industry. Some of MBA's longest-standing advocacy priorities were passed into law. In a normal year, we would have taken our victory lap and settled into identifying new long-term goals. In this environment, we realize that it's a race against the clock as we work with our members and other stakeholders to find bold and innovative solutions to stabilize the markets and help distressed borrowers.

Looking ahead, our industry faces some daunting challenges as Congress and others will call on us to do more for borrowers. We will also be asked to explain how this crisis occurred, and to be accountable for any necessary changes to prevent it from happening again. In the coming policy debates, we will also have some valuable opportunities to re-brand our industry and put into place more rational and sustainable business practices. Of course, the debates are likely to be intense and even acrimonious at times and their outcome is uncertain. Our goal will be to ensure that your perspective is heard and considered throughout this process.

Thank you for your continued support of MBA's advocacy efforts. To read the complete Year End Advocacy Update, click here.