The Federal Trade Commission's Tom Pahl explains the rationale for the FTC's action on the Mortgage Assistance Relief Services Rule and what it means for real estate professionals. In addition, NAR's Charlie Dawson discusses the next steps following the FTC's action.
National Association of Realtors® President Ron Phipps called on Congress to resolve the mounting debt ceiling crisis before the August 2 deadline.
Any changes to the mortgage interest deduction now or in the future could threaten recent progress toward stabilizing the housing market, critically erode home prices and values, destroy middle-class wealth accumulation and hurt economic growth.
Without Congressional action, two programs of vital importance to the real estate business will sunset on Sept. 30, 2011. The end of the current extension of the National Flood Insurance Program (NFIP) and the lowering of FHA and GSE loan limits could create a significant disruption in a housing market struggling toward recovery. It is imperative that REALTORS® remind their Members of Congress on how important these issues are for fragile housing market.
In a letter to Shaun Donovan, secretary of Housing and Urban Development; Timothy Geithner, secretary of the Treasury; and Gene Sperling, director of the National Economic Council, NAR offered its recommendations for helping stabilize and revitalize the housing industry and economy.
Testifying before the House Financial Service Committee’s Subcommittee on Insurance, Housing and Community Opportunity, NAR spokesperson Steve Brown identified several proposed regulations and existing rules that have exacerbated problems within the fragile real estate market and urged Congress and the administration to consider modifying the rules to help consumers purchase homes and the economy recover.
The long-term viability of America’s housing finance market requires comprehensive reform of the secondary mortgage market. Toward that end, the National Association of Realtors® supports H.R. 2413, the “Secondary Market Facility for Residential Mortgage Act of 2011.”
The National Association of Realtors® is urging regulators to go back to the drawing board on the proposed Qualified Residential Mortgage rule.
A critical decision will be made later this year by federal regulators (HUD, Fed, FDIC, FHFA, OCC, SEC) that will seriously affect downpayment rules on home mortgages. The proposed rule on risk retention, implementing section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), requires lenders that securitize mortgage loans to retain five percent of the credit risk on loans packaged and sold as mortgage securities, unless the mortgage is a "Qualified Residential Mortgage" (QRM) or is otherwise exempt.
The National Association of Realtors® supports comprehensive reform of America’s housing finance market that protects taxpayers and ensures the availability of affordable mortgage credit today and into the future.