The Mortgage Bankers Association of America (MBA) kicked off its 89th annual convention and Expo with an interview of former President George H.W. Bush by Countrywide Credit Industries, Inc.’s chief executive officer.
The conference, being held this week at the Hyatt Regency Chicago, marks the best year ever for mortgage originators.
 |
In his speech, MBA chairman James Murphy said residential mortgage volume will reach a record $2.3 trillion this year, and commercial mortgage volume will reach $250 billion. Murphy noted that 81,000 jobs have been added to the mortgage industry since January 2001. |
References to spouses, children and grandchildren were frequently made by many of the speakers.
|
In his speech, MBA incoming chairman John A. Courson talked about a number of pressing issues including predatory lending. “As far as predatory lending is concerned, let’s call it what it is — fraud,” Courson said. “We need to educate consumers and we need the current laws to be enforced so these unsavory characters are out of our business.”
|
 |
|
John Courson |
Around 5,000 people are attending the conference, which next year will be held in San Diego, California.
 |
President Bush was the featured speaker at the opening general session. The President was interviewed by Countrywide CEO and cofounder Angelo R. Mozilo. Mozilo asked the President about time management, people management and lessons learned while he was president. |
|
Angelo Mozilo & President Bush
|
|
The President talked about world leaders, noting among his favorites former Soviet President Mikhail, “Gorby” Gorbachev, Helmut Kohl and former British Prime Minister John Major. The President said he and former first lady Barbara Bush refer to son George W. as “number 43.”
The convention finishes up on Wednesday. |
 |