David H. Stevens’ Statement on House Passage of TRIA Legislation

Rob Van Raaphorst

WASHINGTON, D.C. (January 7, 2015) - David H. Stevens, President and CEO of the Mortgage Bankers Association (MBA), released the following statement on the U.S. House of Representatives' approval of legislation to extend the Terrorism Risk Insurance Act (TRIA): "MBA applauds the House for today's bipartisan passage of legislation to reauthorize TRIA for an additional six years. This overwhelming vote is the result of over two years of advocacy efforts by MBA and our commercial/multifamily members.
"The long-term extension of TRIA is essential to the health and vitality of the $2.6 trillion commercial and multifamily real estate finance sector and the nation as a whole. We are pleased the fundamental structure of the current program will remain intact so as to maintain the availability of affordable terrorism coverage to properties across the nation. "MBA commends Chairman Jeb Hensarling for pushing this legislation through the full House again so promptly, and we call on Senate leaders to schedule a swift vote on this bill so it can be sent to the President's desk."