FOR IMMEDIATE RELEASE
ICBA Statement on White House Subprime Mortgage Proposal
Washington, D.C. (Aug. 31, 2007) — Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), issued the following statement upon release of the White House plan to help ease the turmoil in the subprime mortgage market:
“ICBA is encouraged by the White House proposals to help homeowners avoid foreclosure and stay in their homes. This is a positive step by the administration to bring calm to the mortgage markets and restore consumer confidence. For homeowners, the Federal Housing Administration can play a significant role in leading the nation in finding solutions that promote a healthier home lending environment. For the mortgage markets, the new proposals can help them weather the current storm.
“ICBA supports the president’s call for changes to the tax code that would make it easier for community banks to restructure loans for homeowners hoping to avoid foreclosure and keep communities across America economically sound.
“Community banks welcome a return to the common-sense underwriting that they have always offered. The nation’s community banks are weathering the current credit storm because they are well run, highly capitalized and among the most highly regulated financial institutions in the country. While in recent years, some lenders have been more concerned with which loan was best for them, community banks have always been concerned with which loan is best for their customers.
“ICBA urges Congress to advance needed legislative changes that accomplish the twin goals of keeping people in their homes and restoring faith in the financial markets.”
The Independent Community Bankers of America, the nation’s voice for community banks, represents 5,000 community banks of all sizes and charter types throughout the United States and is dedicated exclusively to representing the interests of the community banking industry and the communities and customers we serve. For more information, visit www.icba.org.