Mortgage Bankers Group Spent $1.2M Lobbying in 2Q

Boston Globe (08/07/08)
As Congress toiled during the second quarter over legislation with major implications for the lending community, the Mortgage Bankers Association spent more than $1.2 million to bring Capitol Hill around to its point of view. The heavy lobbying activity was rewarded by President Bush's endorsement in July of an MBA-backed measure that tightens the reins on Fannie Mae and Freddie Mac while also providing for lender-aided foreclosure prevention. Moreover, the industry group helped to beat back a proposal that would have granted bankruptcy judges the authority to rewrite distressed borrowers' mortgage terms. MBA and its members--including Bank of America and Washington Mutual Inc.--believe such a change would inflate costs for borrowers.