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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.”

Already, many insurance brokers in major metropolitan areas are excluding terrorism coverage from future policies. MBA urges legislators to devise a program that would include a Federal reinsurance backstop and a cap on total losses for both the private and public sectors.

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