NAR Issue Summary

Review NAR policy, and the legislative/regulatory outlook regarding GSEs
Government Sponsored Enterprises>
Mortgage Loan Limits>

Federal Conservatorship of Fannie Mae and Freddie Mac

On Sunday, September 7, 2008, the Director of the Federal Housing Finance Agency (FHFA) , James B. Lockhart, placed Fannie Mae and Freddie Mac into conservatorship, as authorized by the Housing and Economic Recovery Act of 2008 (HERA).
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NAR's Adopted Principles for GSEs

In light of disruptions in the credit markets and the conservatorship of Fannie Mae and Freddie Mac, NAR has developed principles for the consideration of the 111th Congress and the new Administration.
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Conforming Loan Limits

The American Recovery and Reinvestment Act (ARRA), which was signed into law on February 17, 2009, increased the maximum conforming loan limit for mortgages originated in 2009. The increase affects 250 counties across the United States.
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View detailed information about local area loan limits>
Fannie Mae's Guidelines for Loan Limits in High Cost Areas>
Freddie Mac's Guidelines for Loan Limits in High Cost Areas>

Making Home Affordable Program

On February 18, 2009, President Obama announced his Making Home Affordable Program, designed to help up to 7-9 million families avoid foreclosure by restructuring or refinancing their mortgages.
GSEs Home Affordable Refinancing Programs>
GSEs Home Affordable Modification Programs>
Sign Up To Sell Fannie Mae and Freddie Mac REOs>

Visit www.realtor.org/makinghomeaffordable for more information.

Home Valuation Code of Conduct

The Home Valuation Code of Conduct (HVCC) establishes standards for solicitation, selection, compensation, conflicts of interest and appraiser independence. It is effective May 1, 2009, for any mortgage that will be sold to Fannie Mae or Freddie Mac; Federal Housing Administration (FHA) and Federal Home Loan Bank (FHLB) mortgages are not covered in the agreement.

Visit www.realtor.org/hvcc for more information.

Short Sales

Due to current economic conditions, the number of short sale properties on the market is rising. The increasing number of short sales on the market presents challenges for REALTORS®.
Freddie Mac's Short Sales Commission Policy> (PDF: 128K)
Fannie Mae's Short Sales Commission Policy> (PDF: 298K)

Visit www.realtor.org/shortsales for more information.