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PRESS RELEASE

For Immediate Release
Contact: Keosha Burns, (202) 589-2427

Roundtable Applauds Senate Approval of Housing Legislation
Action is a major step toward the stabilization of housing finance system.

Washington, D.C. – July 11, 2008 – The Financial Services Roundtable and its Housing Policy Council applaud the Senate for its approval of the Housing and Economic Recovery Act of 2008 today, which contains the important core components needed to stabilize and strengthen the housing market.

This legislation contains both GSE Reform and FHA Modernization, which are important steps to reinforce and modernize the regulatory structure of the housing Government Sponsored Enterprises and to enable the Federal Housing Administration to play a larger role in supporting the housing market. The creation of a new, independent regulator for the GSEs with clear oversight authority will help Fannie Mae and Freddie Mac continue to play their role in providing a strong secondary market for home mortgages. In addition, FHA modernization reforms and the new FHA refinance program for at-risk homeowners, will enable FHA to provide additional support for mortgages for American homeowners.

“We are pleased that the Senate has passed this legislation and we encourage the House and Senate to work quickly to resolve any remaining differences on the bill,” said Steve Bartlett, President and CEO of The Financial Services Roundtable.

“This is critical progress on important legislation. We want to work with Congress and the Administration to finalize this comprehensive legislation. Enactment of this legislation will help restore confidence and liquidity to the market, which will benefit consumers and the overall economy,” said John H. Dalton, President of the Housing Policy Council.

The Roundtable strongly supports enactment of the GSE Reform and FHA provisions contained in the comprehensive bill and encourages Congress to finalize the legislation as quickly as possible.

The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.

Roundtable member companies provide fuel for America's economic engine, accounting directly for $66.1 trillion in managed assets, $1.1 trillion in revenue, and 2.5 million jobs.

The Roundtable and the Housing Policy Council have partnered with other industry leaders to form HOPE NOW. HOPE NOW is an alliance between counselors, mortgage market participants, and mortgage servicers to create a unified, coordinated plan to reach and help as many homeowners as possible.

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