MBA Statement on the House Passage of the CARES Act

CONTACT
Rob Van Raaphorst
rvanraaphorst@mba.org
(202) 557-2799

WASHINGTON, D.C. (March 27, 2020) - MBA President and CEO Bob Broeksmit, CMB, released the following statement regarding the House passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act:

"MBA commends the House for passing this important piece of legislation that will help the millions of Americans who are impacted by COVID-19. We recognize the hardships that many are facing, and we are hopeful that this legislation will provide critical assistance to those in need.

"It is also encouraging to see policymakers recognize the importance of including funding that can be leveraged to create a broad, dedicated Federal Reserve liquidity facility. With the passage of the CARES Act, we continue to urge the Federal Reserve and U.S. Treasury to create a financing program to help any residential and commercial/multifamily mortgage servicer who will need assistance in order to provide unprecedented levels of mortgage payment forbearance required under the legislation to help families with COVID-19-related hardships.    

"On behalf of the real estate finance industry, we look forward to continuing to work with the administration, Congress, the Fed, and state and local officials to ensure that borrowers, renters, and small businesses are properly supported and protected during this pandemic." The bill now moves to President Donald Trump, who has indicated he will sign it into law.