MBA Statement on the Senate Passage of the CARES Act

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

WASHINGTON, D.C. (March 26, 2020) - MBA President and CEO Bob Broeksmit, CMB, released the following statement regarding the overwhelming bipartisan Senate passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act:

"MBA commends the Senate's passage of this relief package, which will benefit the millions of Americans negatively affected by COVID-19. We deeply sympathize with those who are struggling due to this pandemic. Fortunately, there are specific provisions in this package to provide programs for those who need assistance.

"Importantly, this legislation includes funding that can be leveraged to create a broad, dedicated Federal Reserve liquidity facility. It is critical that the Federal Reserve and U.S. Treasury swiftly establish a financing program to help some mortgage servicers provide the unprecedented levels of mortgage payment forbearance required under the legislation to help homeowners facing COVID-related hardships.

"MBA recognizes this bill will now move to the House of Representatives for its consideration tomorrow, and then swiftly to President Trump to be signed into law. The real estate finance industry looks 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."