Jerry Giovaniello, NAR Chief Lobbyist, discusses NAR's role in advocacy for homeownership.
On Oct. 29, 2013, NAR President Gary Thomas testified at a U.S. Senate Banking Committee hearing entitled, "Housing Finance Reform: Essentials of a Functioning Housing Finance System for Consumers."
On Oct. 29, 2013, Senators Robert Menendez (D-NJ) and Johnny Isakson (R-GA) introduced the NAR-supported “Homeowner Flood Insurance Affordability Act” (S. 1610), to delay unintended rate increases under the Biggert-Waters law and its implementation.
On Oct. 30, real estate and finance industry groups, including NAR, sent a joint trade letter the agencies responsible for the QRM rules (the Federal Reserve, FDIC, HUD, SEC, Department of the Treasury, and the FHFA) regarding commercial real estate elements of the re-proposed rule on credit risk retention ("the Re-proposal").
On Oct. 29, 2013, NAR commented on FHA's proposed Ability to Repay/Qualified Mortgage(QM) Rule.
On Monday, Oct, 28, 2013, Senators Joe Manchin (D-WV), Senator Mike Johanns (R-NE), Carl Levin (D-MI), Pat Toomey (R-PA), Debbie Stabenow (D-MI) and Mark Kirk (R-IL) introduced S. 1577: The Mortgage Choice Act.
NAR believes that aligning the QRM definition with the QM definition removes the risky product features and low- or no-documentation lending that led to increased defaults, without excluding those buyers who are unable to afford a high down payment.
NAR President Gary Thomas was in Washington this week, where he testified on Capitol Hill about the importance of a government guarantee and the preservation of the 30-year fixed-rate mortgage. Gary provides a recap of his visit in his latest video podcast. Watch it now.
On behalf of the leading advocate for homeownership and housing issues, NAR President Gary Thomas recommended essential reforms to the current housing finance structure that will benefit consumers.
Five federal regulatory agencies are issuing a joint notice of proposed rulemaking to amend regulations pertaining to loans secured by property located in special flood hazard areas.