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NMMLA attends the National Policy Conference in Washington, DC
On Thursday April 30th, NMMLA was present at the National Policy Conference in Washington D.C. Bill Elliot CMB of Rocky Mountain Mortgage, Todd Cartwright of Rocky Mountain Mortgage, Jack Thompson of Legacy Mortgage, Alan Fowler with Suburban Mortgage and Angela Muxworthy with New Mexico Educators FCU, along with over 300 other MBA Participants descended upon Capitol Hill. The goal was to share MBA’s 2009 Advocacy Agenda which included the defeat of Mortgage Bankruptcy Cramdown. NMMLA visited with New Mexico’s Senators Udall and Bingaman along with Representatives Heinrich, Teague, and Lujan. Amongst topics covered were creating a new federal regulatory framework for mortgages, strengthening the Federal Housing Administration, establishing higher GSE loan limits and extending the GSE facility, supporting warehouse lines of credit, and stabilizing the commercial real estate markets. We were in Senator Udall’s office when it was announced that the cram down amendment, offered by Sen. Richard Durbin, D-Ill., and as part of a broader bill (S. 896), failed by a 45-51 vote. While the defeat of this amendment was something to be celebrated, we must remain vigilant as Senator Durbin has promised, "this is not the last time" he will raise the issue. All in all, the trip was successful. We reached out to industry advocates and opponents. We were your voice letting our legislatures know that industry experts are available and willing to participate in legislative reform that benefits both New Mexican home owners while keeping the mortgage capital markets healthy and viable both now and into the future. If you have not already signed up, I encourage you to visit www.mba.org and sign up for the mortgage action alliance. Continued Success, Angela Muxworthy
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