Bankers' CYA - spend $ 1M lobbying against consumer friendly bankrupcy law changes

WASHINGTON - The Mortgage Bankers Association spent more than $1 million lobbying in the first quarter as Congress considered legislation that could lead to sweeping changes for the industry.

Mortgage bankers group spent $1M lobbying in 1Q

Associated Press 06.19.08, 10:04 AM
The trade group, whose members include Bank of America Corp. (nyse: BAC - news - people ), Washington Mutual Inc. (nyse: WM - news - people ) and hundreds of smaller companies, lobbied on legislation affecting mortgage lending, housing policy, insurance, and government-sponsored mortgage finance giants Fannie Mae (nyse: FNM - news - people ) and Freddie Mac (nyse: FRE - news - people ), according to an April 18 filing with the House clerk's office.

The trade group so far has been successful in one of its top priorities: fending off legislation to let bankruptcy judges rewrite mortgages for strapped borrowers.

The Mortgage Bankers Association spent $3.7 million lobbying last year.

Besides Congress, the trade group lobbied the departments of Housing and Urban Development, Treasury and others in the first three months of the year