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ICBA Statement on Signing of Housing Bill into Law

Washington, D.C. (July 30, 2008)—Cynthia L. Blankenship, chairman of the Independent Community Bankers of America (ICBA) and vice chairman and chief operating officer of Bank of the West, Grapevine, Texas, released the following statement upon the president’s signing of the Housing and Economic Recovery Act of 2008 (H.R.3221) into law:

“ICBA is pleased with the president’s quick action in signing the housing bill into law. Now the regulatory agencies can quickly implement the reforms in the bill to help stabilize the housing and mortgage markets and help provide relief to families who potentially face foreclosure. The challenges of the past year have seen a return to the responsible, common sense lending that is the underpinning of the nation’s community banks and have allowed them to remain a stable source of home financing for families in communities throughout our country. Community banks will continue to play this vital role within their communities as this law is enacted.â€