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Daily Real Estate News | May 21, 2008
NAR Applauds Senate Housing Deal
A Senate's committee's approval of a plan to allow the federal government to insure up to $300 billion in refinanced loans for home owners in financial distress is a major sign of progress, says the The NATIONAL ASSOCIATION OF REALTORS®.
“We are pleased with the overall direction of this bill,” Gaylord said in a statement Tuesday. “This legislation is good for both the housing market and the home owner."
NAR said it appreciates the efforts of Senate Banking Committee Chairman Christopher Dodd (D-Conn.) and Ranking Member Richard Shelby (R-Ala.) in bringing forth a bipartisan bill that can bring stability to the housing market and help stem the rising rate of foreclosures. The Banking committee voted Tuesday to pass the Federal Housing Finance Regulatory Reform Act of 2008.
“Our 1.2 million REALTOR® members appreciate the hard work and commitment of the Senate Banking Committee in advancing legislation that will help people buy and keep their homes,” Gaylord said.
NAR also reiterated its ongoing support for all the major features in the housing package passed earlier this month by the U.S. House of Representatives; and for the Senate committee's inclusion of reforms to Fannie Mae and Freddie Mac, and as well as the FHA's foreclosure prevention measure.
"However, we continue to strive for permanent increases to the conforming loan limits at the higher level passed by the House," Gaylord said. "This truly would be good for current and future home owners.”
NAR has long advocated reform of Fannie Mae and Freddie Mac, as well as permanent loan limit increases for the GSEs and FHA. “This legislation, reforming the Fannie Mae and Freddie Mac and creating a refinancing program designed to stem foreclosures, should help thousands of families refinance existing mortgages and keep their homes,” said Gaylord.
“We look forward to working with the House and Senate to finalize an aggressive bill that will ensure that every American who can afford to own a home and aspires to do so will have that opportunity, and that every American who responsibly owns a home is able to keep it,” said Gaylord.
— REALTOR® magazine online
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