Industry News

Real estate industry bids Oxley fond farewell

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Real estate industry figures and government officials extended a warm goodbye to financial watchdog and U.S. Representative Michael G. Oxley, R-Ohio, whose retirement was announced Tuesday. The Mortgage Bankers Association called the announced retirement of Oxley, chairman of the House Financial Services Committee, after 25 years a loss for the housing industry and consumers alike, "as he recognized the role the housing industry played in the U.S. economy." Oxley will retire from Congress at the end of his current term, completing 25 years of service in Congress and a total of 33 years in elected office. Oxley was serving in the Ohio General Assembly when he won a special election for the Fourth Congressional District seat in 1981. "Rep. Oxley stands as an important example of how much a Chairman can get done with perseverance and compromise," said Kurt Pfotenhauer, MBA's senior vice president of government affairs. Rep. Oxley demonstrated his leadership with the Sarbanes-Oxl...