With the US House of Representatives having already passed federal terrorism reinsurance backstop legislation, only the Senate can halt what could become a flood of downgrades that would negatively affect the nation's economy.

"Those most immediately impacted will be those individuals, such as retirees who rely on this income for their livelihood, who have invested with pension funds and insurance companies holding these securities," MBA chairman James M. Murphy says of the implications of Senate inaction. "These individual investors, unfortunately, will be most adversely affected as the value of their investments decline. This will also have a cascading effect on the rest of the real estate market as capital becomes more expensive."

Speaking to GobeSt.com, MBA senior director of public affairs Laura Armstrong says, "Because the news came out so late on Friday, there has not been time for a great deal of response from the Senate." They are, however, aware of MBA's call for action. "Right now, all eyes are on the Senate," Armstrong says. "What are they going to do?