FOR IMMEDIATE RELEASE
Elise Brooks, (202) 589-2427

Roundtable Supports Columbia University Study:
Mortgage Cram-Down Bills Costly and Inefficient

January 7, 2009—Washington, D.C.—The Financial Services Roundtable supports the Columbia University study, which found that the proposed “Helping Families Save Their Homes in Bankruptcy Act of 2009” bills will prove costly to the taxpayer, and further encourage bankruptcies.

“The Roundtable believes a better approach would be for government and private sector to work together to enhance and expand loan modification efforts to assist at-risk homeowners who want to stay in their homes,” said Steve Bartlett, President and CEO, The Financial Services Roundtable. “These efforts are better done outside of bankruptcy.”

The Roundtable opposes cram-down legislation because it reverses a long-standing policy designed to keep mortgage interest rates low.

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.