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Daily Real Estate News | June 3, 2009 |
More Government Help Urged for Housing
The U.S. government should continue to intervene in the U.S. mortgage market even after the foreclosure crisis subsides, said homeowner-related associations in testimony prepared for a congressional hearing Wednesday.
The National Association of REALTORSŪ said a private mortgage market is “unacceptable” because tight money makes buying and selling difficult in down markets.
The Mortgage Bankers Association sought government guarantees on the credit risks of mortgage securities, calling for investors to pay “risk-based premiums” to offset government costs for the guarantees.
The National Association of Home Builders said that the government should provide a backstop because the private sector doesn’t provide a reliable flow of affordable housing credit. The home builders also cautioned against making major changes to mortgage giants Fannie Mae and Freddie Mac until the mortgage market recovers.
Source: The Wall Street Journal, James R. Hagerty (06/02/2009)
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