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WASHINGTON -- Citing the blurred distinction between prime and subprime lending as well as the large overlap in their memberships, the boards of the Mortgage Bankers Association and the National Home Equity Mortgage Association have agreed to merge.
Under the pact, the MBA will form a new Nonprime Council, the leadership of which will be made up initially of current NHEMA officers and members of its executive committee.
NHEMA's full membership must still vote on the merger, but chairman Richard Kile "emphatically" recommended approval at a special meeting to be held in Washington Sept. 15.
The MBA board's unanimous vote constitutes that group's final stamp of approval. MBA chairwoman Regina Lowrie called the merger "a natural progression that will help strengthen the mortgage industry as a ...