New York Congresswoman Warns About 'Skin in the Game'

Rep. Carolyn Maloney, who represents part of New York City, voiced her support for mortgage bankers having "skin the game" but not a "one size fits all approach." Speaking at the MBA trade show in New York, Maloney noted that some commercial property values have decreased by at least 40% from their peak, voicing her concern about a lack of liquidity in the commercial mortgage market and underwater mortgages. The Democrat from the East Side of Manhattan said she sees a glimmer of hope in the market due to improving GDP numbers. More than 600 attendees are at the MBA show, up 200% from last year. The trade group recently reported improving commercial loan volumes. "With 8.4 million jobs lost during the Great Recession, it will take time while our economy recovers and the CMBS market returns," Maloney told lenders.