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The following statement was issued today by Marc E. Lackritz, President and CEO of the Securities Industry and Financial Markets Association (SIFMA):
“We support efforts to keep people in their homes. Within their contractual rights, mortgage loan servicers should be able to modify loans and avoid foreclosure and defaults, but we caution that mandated modifications may result in reduced availability of mortgage credit. Additionally, we support the vigorous enforcement of anti-predatory lending laws. We continue to work with the administration and Congress to address issues in the market and are pleased that the administration is taking steps using its existing authority to address these serious issues.“
