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Monday, October 11, 2010

SIFMA Calls System Wide, Moratorium on All mortgage Foreclosures ‘Catastrophic’

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Press Release

Release Date: October 11, 2010
Contact: Katrina Cavalli, (212) 313-1181, kcavalli@sifma.org


New York, NY, October 11, 2010—The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement from Tim Ryan, president and CEO, on the foreclosure moratorium related to issues in foreclosure processing:
“It would be catastrophic to impose a system wide moratorium on all foreclosures and such actions could do damage to the housing market and the economy.  It must be recognized that the mortgage market, investors and the health of the economy are all inter-related. Investors in the housing market—including American workers with pension funds, 401k plans, and mutual funds—would unjustly suffer losses in their savings from these actions.  Increased uncertainty in the securitization market would further constrain consumer credit and spending, dampening our already unhealthy economic situation.  If mistakes have been made in relation to foreclosure processing, SIFMA firmly believes such mistakes should be corrected.  It is imperative, however, that care be taken in addressing these issues to ensure that no unnecessary damage is done to an already weak housing market and, in turn, that there is no further negative impact on the economy.”
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The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers.  SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).  For more information, visit www.sifma.org.
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