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For Immediate Release
April 28, 2017
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Follow us on Twitter: @ABABankers

ABA Statement on Introduction of the Portfolio Lending and Mortgage Access Act (H.R. 2226)

By James Ballentine, ABA’s executive vice president of congressional relations and political affairs

​     “We applaud Rep. Andy Barr for introducing the Portfolio Lending and Mortgage Access Act, legislation that would expand access to mortgage credit by treating loans originated by a bank and held in portfolio as Qualified Mortgages. This important measure, which received bipartisan support in the last Congress, would help many creditworthy borrowers access safe, traditional credit that would otherwise be out of reach. 
     “It’s clear that regulatory requirements have restrained mortgage lending, and have made it particularly difficult for some creditworthy borrowers to obtain a home loan.  This legislation is a common-sense approach that will help borrowers gain access to some of the lowest risk mortgage products offered by banks.  Loans held in portfolio are well underwritten and conservative by their very nature.  There is no need to create additional barriers for creditworthy borrowers for loans held in a bank’s portfolio.
     “We stand ready to work with members of the House as they move forward with this important effort.”
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The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.