NEW YORK, June 29 -- The Securities Industry and Financial Markets Association issued the following news release:
SIFMA, along with the American Bankers Association, American Council of Life Insurers, American Land Title Association, American Securitization Forum, Association of Mortgage Investors, California Bankers Association, California Land Title Association, California Mortgage Bankers Association, Community Mortgage Banking Project, Consumer Mortgage Coalition, Inland Valleys Association of REALTORS, Investment Company Institute, Mortgage Bankers Association, National Association of Home Builders, Residential Servicing Coalition, The Financial Services Roundtable, and The Housing Policy Council of the Financial Services Roundtable, today announced it has submitted a letter to the city governments of Fontana, CA and Ontario, CA, and the county of San Bernardino, CA, expressing strong objection to the municipalities' Joint Powers Agreement that contemplates the implementation of a so-called "Homeownership Protection Plan." The Associations are very concerned that the municipalities' proposed use of eminent domain to seize mortgage loans raises very serious legal and constitutional issues and would likely significantly reduce access to credit for mortgage borrowers in the Fontana, Ontario, and San Bernardino areas and other areas that undertake similar actions.
The letter is available here: http://www.sifma.org/issues/item.aspx?id=8589939260
TNS MD66 120630-3935250 61MariaDonald