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The Securities Industry and Financial Markets Association today released the following statement from Asset Management Group (AMG) Managing Director Tim Cameron in response to the Treasury Department’s announced adjustments to the Home Affordable Modification Program.
"AMG supports today's announcement from Treasury and believes that efforts to encourage principal reductions for both first and second lien loans, and the development of a program to encourage short refinancings into more sustainable FHA loans are a step in the right direction.
“These actions will lead to borrowers receiving more sustainable modifications than were previously available, will incentivize those with negative equity to remain in their homes, and will begin to create a more equitable outcome for investors in private label mortgage backed securities. However, we believe further work is required to address second-lien mortgage debt; therefore AMG encourages Treasury to continue to develop and refine the programs announced today, and stands ready to assist in that process."
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SIFMA’s AMG represents U.S. asset management firms whose combined assets under management exceed $20 trillion. The clients of AMG member firms include state and local pension funds, universities, and individuals saving for retirement. AMG members conduct their businesses as fiduciaries for their clients even if they are part of a larger financial organization.
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit www.sifma.org.
