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Daily Real Estate News | May 23, 2007 |
House Passes NAR-backed GSE Reform Act
The Federal Housing Finance Reform Act of 2007, H.R. 1427, passed by the House today, is vital in protecting the nation’s housing finance system and the real estate market, according to the NATIONAL ASSOCIATION OF REALTORS®. The legislation overhauls the regulatory structure of the nation’s housing finance government-sponsored enterprises.
“H.R. 1427 strikes the appropriate balance and creates a world-class regulator while not imposing statutory limitations on the GSEs’ portfolios, which could hurt the housing finance market and limit funds available for affordable housing,” says NAR President Pat V. Combs. “Fannie Mae, Freddi,e Mac and the Federal Home Loan Banks are our partners in the real estate industry and keeping them strong and sound ensures the continued vitality of our nation’s housing finance system. NAR will eagerly work with the Senate to encourage their quick action."
The bill aims to preserve Fannie Mae’s and Freddie Mac’s abilities to accomplish their key housing mission. H.R. 1427 provides for regional adjustments to the cap on mortgages the GSEs may buy for high-cost areas.
“This authority will help more working families in high-cost areas qualify for safer GSE loans,” Combs says. “Veterans, teachers, and nurses are examples of those who may benefit by not being forced into expensive nontraditional jumbo loans because this legislation would allow GSEs to regionally adjust loan limits.”
— REALTOR® Magazine Online
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