David H. Stevens’ Statement on Senate's Failure to Pass TRIA Legislation
|Rob Van Raaphorst|
WASHINGTON, D.C. (December 17, 2014) - David H. Stevens, President & CEO of the Mortgage Bankers Association, issued the following statement on the Senate's failure to pass legislation extending the Terrorism Risk Insurance Act (TRIA):
"MBA is extremely disappointed that the Senate failed to reauthorize TRIA before adjourning last night. Passing this critical piece of legislation would have been a key safeguard for numerous industries, including the Commercial/Multifamily real estate finance sector. Failing to reauthorize this program will have widespread market implications with regard to risk exposure, and could significantly interrupt the flow of business capital to the market.
"We will continue to support the availability and affordability of terrorism risk insurance, a critical component of a strong and vibrant commercial and multifamily real estate market. We urge the 114th Congress to make this an immediate legislative priority in 2015."