Mortgage Bankers Spend $3.7 Million Lobbying

Washington, DC, April 23, 2008--The Mortgage Bankers Association, the industry's main lobbying group, spent $3.7 million to lobby the federal government in 2007 as it tried to stop legislation to let bankruptcy judges rewrite mortgages for distressed borrowers.

The trade group, which includes major players such as Washington Mutual Inc., has tried to stop any effort that would allow bankruptcy judges to alter terms of distressed mortgages. The industry argues that would force lenders to charge higher rates to compensate for the added risk.

The trade group also lobbied on numerous banking and mortgage issues, including regulations for real estate settlement procedures and changes to Federal Housing Administration, the Depression-era agency created to help low and moderate-income Americans afford homes.