House Committee to Examine Subprime Mortgages, Vets; MBA, HOPE NOW to Testify

MBA (2/28/2008 ) Sorohan, Mike
The House Veterans Affairs subcommittee on Economic Opportunity holds a hearing this afternoon on the Subprime Mortgage Crisis and America’s Veterans. The Mortgage Bankers Association and the HOPE NOW Alliance, of which MBA is a member, will submit written and oral testimony, respectively.
MBA Chairman Kieran Quinn, CMB, will provide written testimony. Quinn is expected to express MBA’s support for assisting veterans achieve homeownership and provide an update on MBA members’ efforts in assisting them.

Larry Gilmore, deputy director of HOPE NOW and a former director of government affairs at MBA, will testify in person, detailing HOPE NOW’s efforts to reach out to homeowners facing mortgage delinquency and foreclosure. Since November, HOPE NOW has reached nearly one million such homeowners.

Also scheduled to testify:

• Roger Kubarych, chief U.S. economist with UniCredit Markets and Investment Banking;
• Donald Bisenius, senior vice president of credit policy and portfolio management with Freddie Mac;
• Anthony Agurs, member of the board of directors of the National Association of Realtors;
• Ellen Harnick, senior policy counsel with the Center for Responsible Lending; and
• Judith Caden, director of loan guaranty service at the VA;

Additionally, Todd Bowers, director of government affairs with the Iraq and Afghanistan Veterans of America, will provide written testimony.

The hearing begins at 2:00 p.m. ET in room 335 of the Cannon House Office Building. The hearing can be accessed live over the Internet at www.capitolhearings.org. MBA NewsLink will provide coverage.