The chairman of the Mortgage Bankers Association  (MBA) told federal lawmakers on Tuesday that the agency will work with legislators, regulators, and other stakeholders in an effort to ease the pain caused by some of the turmoil in the subprime market.

The panel heard the testimony of MBA Chairman John M. Robbins on the same day that the Center for Responsible Lending and various other industry experts testified on the issue of subprime lending.
During the MBA’s presentation, Robbins continuted to advocate for “sound perspective and a prudent regulatory hand that will sooth investors, calm editorial writers, and help consumers.”
“While we must ask what lessons we should learn from our mistakes, it is equally important for those in positions of authority to help current homeowners stay in their homes,” Robbins said. “Working together, I suggest we must accomplish three things. We must stabilize the subprime mortgage credit system, provide assistance for homeowners facing foreclosure, and finally prevent this from ever occurring again.”
Click here. to read Robbins’s full testimony.