MBA's Courson: Negotiators Need to Regroup, Find Common Ground on Economic Stabilization Package

John A. Courson, Chief Operating Officer of the Mortgage Bankers Association (MBA) today issued the following statement following the House of Representatives' failure to approve HR 3997, the Emergency Economic Stabilization Act of 2008.

'We hope Congressional and Administration negotiators will immediately regroup and find common ground upon which they can build a new agreement. Restoring liquidity to the credit markets is crucial to both stabilizing Wall Street and keeping the U.S. economy moving forward.

'The credit crunch is not only preventing financial institutions from being able to access capital but is also preventing large and small businesses from being able to borrow money, money they use to operate their businesses, upgrading facilities and equipment and hiring and paying workers. If businesses don't have access to that capital, they will stop growing and the economy will stagnate.'