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PRESS RELEASE

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

Roundtable Opposes Mortgage Cram-Down Bills

January 6, 2009—Washington, D.C.—The Financial Services Roundtable opposes the “Helping Families Save Their Homes in Bankruptcy Act of 2009” introduced in Congress today. The bills are counter-productive and will actually encourage bankruptcies.

“The bills will increase the cost of borrowing for a home, at the exact moment we need home sales to restart" said Steve Bartlett, President and CEO, the Financial Services Roundtable. “They will inject additional risk into home buying and the markets will respond by increasing interest rates, fees, down payments, or all three."

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.

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