The testimony was given today by David G. Kittle before the Senate Committee on the Judiciary, according to a transcript of his prepared statement.

Kittle is Chairman of the Mortgage Bankers Association.
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Explosion of Technology
This week's Mortgage Bankers Association Mortgage 95th Annual Conference and Expo in San Francisco prompted a plethora of mortgage technology news releases. Among announced enhancements were the integration of a loan origination system with a point-of-sale offering, improvements to automated appraisal technology and advancements in digital loan closings. One new credit offering increases the ability to forecast risk.

Mortgage Bankers Warn of Cramdown Consequences
The Mortgage Bankers Association has sent a letter to Congress warning that a proposal to allow bankruptcy judges the ability to modify mortgages could raise the cost of mortgages and stifle the recovery effort.

Bank Chaos Continues
The fallout from the seizure of the government sponsored housing enterprises continues -- with class action filings, more banks' disclosures of losses from their GSE holdings and a banking trade group's call for help from regulators. Meanwhile, three more banks are facing regulatory actions because of their poor capital positions, and two banks have agreed to merge.

Treasury Clarification Satisfies Bankers
The Treasury Department has moved to alleviate concerns by the American Bankers Associationabout unfair competition from money market funds under a guarantee plan unveiled last week.

Bankers Upset Over Money Market Move
The American Bankers Association consider the move by the Treasury to guarantee money market funds to be grossly unfair.

Brokers Rally for DPA Revival
The nation's primary trade group representing mortgage brokers is sponsoring a rally to reinstate seller-funded down payment assistance.

Best Mortgage Broker
The group representing U.S. mortgage brokers has identified a VA broker as the country's best mortgage broker. Two commercial mortgage wholesalers were also recognized.

New MBA President
After seven years in his job, the president and chief executive officer of the Mortgage Bankers Association is leaving. Taking his place will be the former CEO of a net branch operation that collapsed early last year.

Groups Oppose Provisions of RESPA Reform
Trade groups representing mortgage bankers and title insurers warned lawmakers about some provisions in proposed reforms to the Real Estate Settlement Procedures Act.