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.
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
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
Comments