MBA: meeting challenges in mortgage field together

Real Estate Weekly, August 14, 1991 by Mark A. Iannone

MBA: Meeting challenges in mortgage field together

It is an honor for me to serve as the president of the Mortgage Bankers Association of New York, Inc. for the year 1991-1992.

Our organization which was founded almost 30 years ago, represents a wide range of constituents including but not limited to major money center banks, thrifts, savings & loans, foreign banks, investment banks, commercial and residential mortgage bankers and brokers, title companies, law firms, environmental engineers, construction engineering firms and appraisal companies. As you can see the organizations membership is quite diverse, encompassing all aspects of the mortgage banking industry.

The mission of the M.B.A. of New York is three-fold. We primarily function as a social conduit providing our members significant networking opportunities as well as speakers who are knowledgeable and informative about current issues affecting our industry. Another priority of the Association is providing educational programs, both independently and in cooperation with other real estate organization, in an effort to keep all of our members informed and aware of important market trends. In 1987 we significantly broadened our services by establishing a legislative committee, which monitors legislation and regulation on the state and local levels. We have been very successful in forging relationships with key legislators and bureaucrats who affect our industry. Although not publicized, we have been effective in monitoring and stopping legislation and regulation that would be detrimental to our business.

The format for our monthly meetings always includes speakers that encompass a wide range of disciplines within our industry. Some of the more prominent New York City developers who have been gracious enough to participate in our meetings have been, Mr. Donald J. Trump, Mr. Larry Silverstein, Mr. Harry Hem sley and Mr. Peter Malkin to name just a few. The organization has also been fortunate in recruiting important National and local political figures such as the Honorable Jack Kemp, Senator Alphonse D'Amato, State Senate Majority Leader Ralph Marino, Rudolph Guilianni, the Honorable Alfred Delabovi and Assembly Bank Chairman Herman Denny Farrell. We have also been quite successful in presenting panels of industry professional comprised of pension fund advisor, lenders from all types of financial institutions, world renowned economists and the Federal and Quasi Federal Agencies, Ginnie Mae, Fannie Mae and Freddie Mac.

The MBA will continue to provide informative speakers and programs for the year to come. Our first function will be a dinner meeting to be held at Tavern On the Green, on September 12, 1991 (speaker to be announced). Some of the special events we have planned for this year include Track Nite at the Meadowlands, Sept. 24, 1991, our Christmas party which will be held at the Union League Club on Tuesday, Dec. 3, a Joint Meeting with the MBA of America, to be held at the Waldorf Astoria on January 8 and the annual Golf Outing to be held at Willow Ridge Country Club in Rye, New York, on Monday, June 22, 1991.

I believe it is most imperative, especially while coping with the challenges this economic environment presents us with that we continue to support all of the organization featured in this addition of Real Estate Weekly. As you know, our industry primarily operates through interpersonal relationships. These organizations have been the catalyst that helped to structure and mold the real estate business in the City of New York.

The problems often seem insurmountable, unbridled pressure on our banking companies by the Federal Regulatory agencies creating an unprecedented shortage of available credit. Increasing taxes with decreasing services, a crumbling infrastructure all causing many major corporation to relocate to areas that provide a better quality of life at half the cost. Consolidation of major corporations decreasing the already excessive local unemployment level, all have diminished confidence in our industry.

With all that said, it is incumbent upon all of us to possess the vision and foresight to see that this is a temporary situation. Our industry has forged through difficult times in the past and we will prevail once again. Within all the turmoil there are tremendous opportunities for the institutions and entrepreneurs that are wise enough to take advantage of them.

On behalf of the officers and governors of the MBA I wish all of you a prosperous and healthy year.

Mark A. Iannone President Mortgage Banker's Association (MBA)