Washington–The Mortgage Bankers Association (MBA) has called on lawmakers to ensure that some form of federal backstop for terrorism insurance remains available in 2006 or risk a serious disruption of the commercial real estate finance industry.
In a letter to House Financial Services Committee Chairman Mike Oxley, R-Ohio, and Ranking Member Barney Frank, D-Mass., the association said that Congress must act to ensure the continued availability of terrorism coverage established under the Terrorism Risk Insurance Act is maintained and not allow the process to be slowed by attempts to improve the program.
In a letter signed by Kurt Pfotenhauer, an MBA senior vice president, the group said, "Our membership can appreciate the interest of many House members to make certain reforms to the program; however, we wish to reiterate that it is most important that terrorism insurance remains available and affordable beyond December 31, 2005."
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