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MBA: $26 Bil at Stake without Federal Terrorism Insurance

WASHINGTON, DC-The Mortgage Bankers Association has data to prove that without Federal terrorism insurance, $26 billion in commercial real estate financings for the fourth quarter could be at stake. The association urges the government to develop a program addressing the problem as soon as possible.

By Barbra Murray | Updated on November 05, 2001

WASHINGTON, DC-Based upon new data, the Mortgage Bankers Association warns that $26 billion in fourth-quarter commercial real estate financings could be in jeopardy without Federal terrorism insurance. Pointing out the real estate industry’s vital role in the national economy, MBA calls on the government to expedite the development of relevant legislation, as the threat of more domestic attacks looms.

“Without terrorism insurance coverage,” states association chairman James M. Murphy, “commercial lenders will be forced to either delay or prevent real estate projects from going forward. That could include everything from financing, buying or selling a shopping center to constructing a new office or apartment building.”

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