MBA Head Sees Coming Boom

Though the housing market continues to struggle, the new head of the Mortgage Bankers Association sees a coming boom just a few years down the road as the burgeoning Millennial Generation enters its homebuying years.

“With this generation now coming of homeownership age there is a huge potential market for new home purchases,” said David Stevens, recently appointed as MBA president and CEO. “This means that with the right effort and outreach, we will soon be faced with burgeoning demand for new mortgages and new financing.”   Speaking before an MBA conference on Monday, Stevens said that demographic trends on housing are pointing upward, despite the industry’s current doldrums. He noted that the upcoming Millennial Generation, also known as Generation Y, is expected to be two to three times larger than Generation X which preceded it.   The children of Baby Boomers, the so-called Echo Boom is expected to be even larger than their parent’s generation, with an estimated 80 million members, Stevens said. As such, it offers an opportunity to “make things right” in terms of a sustainable housing market.   Although acknowledging that “several years of pain” still lie ahead, Stevens noted a number of encouraging current trends. Early stage delinquencies, those 30-days past due, have returned to pre-recession levels, he said, while foreclosure rates are trending downward.   He conceded that the mortgage industry has a lot of work to do to regain the trust of consumers, acknowledging that many of the problems the industry has faced in recent years are of its own making. He said many consumers seem to have been scared off from home ownership, and are sitting on the sidelines wondering if owning a home makes sense for them.    “Without dismissing the roles that others played, we must admit that some within the industry gave loans to borrowers that shouldn’t have, and ignored or excused the presence of unethical people and misplaced incentives,” he said. “Acknowledging these mistakes is the first step in rebuilding trust.”   Stevens, former Assistant Secretary for Housing and Commissioner of the FHA, recently took over as MBA president/CEO from John Courson, who is leaving the organization.   Start here to compare mortgage rates from top lenders in our network

More Mortgage Articles Five Pointers to Survive the RecessionRefinance out of a Risky MortgageThe Actual Cost of Getting a Mortgage Call For Rates800-419-1494

Speak to a lender now.

We will match calls to our toll free number with our network of lenders. See Today's Rates Loan Type New Home Purchase Home Refinance

National Rates Loan TypeToday +/- 30 yr fixed 4.64 15 yr fixed 3.91 5/1 ARM 3.21 Rates may contain points

Compare Rates »

Browse Mortgage Rates

Rates By State
Select your stateAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming

Featured Guides

Browse our comprehensive guides to popular topics related to mortgage and personal finance.

Choose a GuideFICO ScoresCreditCollege FinancingBuying a CarMortgagesDebt ConsolidationHome Equity LoansMortgage RefinancingDisabilitiesEnergy Efficient MortgagesGay & LesbianSeniorsParents Mortgage Calculators Adjustable Rate Mortgage Calculator APR Calculator for Adjustable Rate Mortgages ARM vs. Fixed Rate Mortgage CalculatorBi-weekly Mortgage Payment Calculator

Choose Category
Select One Mortgage Calculator Home Equity Loan and Line of Credit Calculators Auto Loan and Lease Calculators CD and Investment Calculators Debt and Credit Calculators Student Calculators Personal Finance Calculators Tax Calculators Retirement Calculators

Copyright © 1995-2011 Mortgage Loan Directory and Information Inc. - All rights reservedAbout UsSitemapPrivacy PolicyContactTerms Of UseArticles (RSS)Mortgage WidgetsNewsFraud Info

Mortgage Loan Directory and Information, Inc or Mortgageloan.com does not offer loans or mortgages. Mortgageloan.com is not a lender or a mortgage broker. Mortgageloan.com is a website that provides information about mortgages and loans and does not offer loans or mortgages directly or indirectly through representatives or agents. We do not engage in direct marketing by phone or email towards consumers. Contact our support if you are suspicious of any fraudulent activities or if you have any questions.

Mortgageloan.com is a news and information service providing editorial content and directory information in the field of mortgages and loans. Mortgageloan.com is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers.

$('.menu li').hover(function() { $(this).addClass('hover'); //$('.menu li').prepend(''); }, function() { $(this).removeClass('hover') });