The National Home Equity Mortgage Association (NHEMA) has voted unanimously to merge with the Mortgage Bankers Association (MBA).

The MBA Board has also approved the merger idea. NHEMA represents the non-prime mortgage lending industry and is comprised of 220 mortgage lenders accounting for 80% of outstanding poor credit subprime mortgage loans. This merger is a natural progression for NHEMA and MBA which will further strengthen the mortgage lending industry as a whole.

According to MBA's Chairman: "This merger has been in development for several months and we would be thrilled to see NHEMA become a part of MBA. This partnership is in the industry's best interest and will allow MBA to have one, strong voice that speaks on behalf of the entire mortgage lending industry."

Per NHEMA's Chairman and Executive Vice President of Citimortgage, mortgage banking: "NHEMA and its members have been committed to providing open and available access to credit for all homeowners. This merger is an exciting convergence of expertise that will allow the mortgage industry to better serve the entire spectrum of clientele."

As presently anticipated, following an affirmative member vote, NHEMA will officially become part of MBA on October 1, 2006. At that time, a new Council will be formed that will be made up of NHEMA Leadership (its current Officers and Executive Committee), NHEMA's current Board of Directors as charter members and selected MBA members. This Council will continue NHEMA's focus on nonprime mortgage lending issues and will report into MBA's Residential Board of Governors (RESBOG). The Council will meet for the first time at MBA's Annual Convention in Chicago in late October.

NHEMA:
NHEMA is the only trade association solely representing the nonprime mortgage lending industry. NHEMA's approximately 220 members account for 80 percent of the approximately $608 billion in nonprime mortgage loans originated last year. The association and its members are committed to ensuring that all homeowners have fair and equitable access to credit.

MBA
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 500,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 3,000 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.

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