The articles on this page are samples of media coverage related to the Power of 'R' messages.
CREDIT UNION TIMES
(April, 9 2014) The National Association of Realtors has charged the Federal Home Administration with setting the costs of its mortgage insurance so high that it effectively prevented hundreds of thousands of consumers from buying a home. In an April 3 letter to the Department of Housing and Urban Development, the federal department that oversees the FHA, the NAR acknowledged that the housing crises had left FHA's Mutual Mortgage Insurance Fund depleted. But, the Realtors lobby argued, since it has begun recovering the agency should drop its prices and stop requiring FHA insurance across the life of the loan.
(April 8, 2014) The Federal Housing Administration is shutting the door on too many potential homebuyers by charging high and unaffordable mortgage insurance premiums, according to several industry groups. In a letter to the agency, the National Association of Realtors argued that between 125,000 and 375,000 renters would have been able to buy a home in 2013 had they not been priced out of the market by the FHA's policies. "Now that the FHA mortgage insurance fund is on the path to recovery, NAR urges FHA to lower the annual mortgage insurance premium and eliminate the requirement that mortgage insurance is held for the life of the loan," writes Steve Brown, NAR's president.
(Apr. 2, 2014) Citing a growing concern that homebuyers may be priced out of the market by the Federal Housing Administration’s mortgage insurance requirement, Steve Brown, president of the National Association of Realtors, sent a letter to FHA Commissioner Carol Galante asking the FHA to relax its mortgage insurance rules. “I am writing on behalf of the one million members of the NAR with concerns about the FHA’s high annual mortgage insurance premiums and mortgage insurance that is required for the life of the loan,” Brown says in his letter. “Home purchases are becoming increasingly out of reach for many qualified borrowers who rely on FHA financing.”
(Apr. 2, 2014) Realtors are proud of our destiny as keepers of the American dream. We know that the dream will never be fully realized by any of us until it is truly available to all. The Realtor Code of Ethics, adopted by our organization over 100 years ago, sets standards for Realtors to follow as we strive to provide the highest level of ethical and professional service to our customers, clients and the public.
(Apr. 1, 2014) NAR President Steve Brown talks to big brokers about the CFPBS Ability-to-Repay/QM rule and a provision that would cap points and fees at 3% even for affiliated businesses.
(March 26, 2014) In his editorial, Brown says, “Who would have thought that everyday business practices like scanning documents would be the target of patent lawsuits? In 2012, patent trolls sued more non-tech companies than tech companies, costing the U.S. economy $80 billion in litigation costs. Now is the time for comprehensive patent reform, not just for tech but for Main Street businesses too. Litigation is disruptive at a minimum and a downright disaster in other cases. Businesses are making choices to not offer certain features or products, and the expense of the litigation–a single lawsuit can easily cost tens of thousands of dollars or more to defend–means displacing other activities like hiring people, research or expanding.”
DAYTON DAILY NEWS
(March 24, 2014) President Obama has signed the Homeowner Flood Insurance Affordability Act, which caps premium increases at 18 percent per year and also reinstates the flood insurance program’s grandfathering provision. “Your flood insurance cannot go up more than 18 percent per year until it reaches the actuarial price point,” National Association of Realtors President Steve Brown said. “It also has some grandfather provisions in place that means some policies will not be going up drastically to the actuarial price, and there are some provisions that ease the reality of removing the subsidies from the National Flood Insurance Program.” NAR has supported legislation that eases the financial burden on property owners who require flood insurance, Brown said.
(March 21, 2014) Freddie Mac and Fannie Mae reform talk is not only on the table, but it is at the top of the pile for discussion. The White House is listening and seeking input with more intent. Several prominent people in housing like NAR, the Mortgage Bankers Association, the National Association of Home Builders and the Independent Community Bankers of America, met at the White House with the U.S. Department of Housing and Urban Development Secretary Sean Donovan and the National Economic Council Director Jeff Zients for the first of many roundtable discussions on GSE reform. “The White House is reaching out to all aspect of the housing and mortgage industry in order to address all of the concerns,” Brown said. “The meeting was a great start and I look forward to the rest of the process.” Brown explained that NAR recognizes that the GSE structure itself needs to be reformed. “We want to see reform go ahead and take place now. By settling this issue, it will bring stability to this market, which is critical. The Great Recession shows that there are imperfections.”
USA TODAY special insert
NOTE: NAR and Move Inc. collaborated to promote homeownership in a USA Today special insert, "2014 Investing in Real Estate and Mortgages.” The insert contains a full page color ad for realtor.com® and a foreword by NAR President Steve Brown.
(March 16, 2014) In a foreword by NAR President Steve Brown, he says a home is where we make memories, build our futures and feel comfortable and secure. Homeownership is also one of the best ways for individuals and families to build financial security over the long-term. While the decision to own a home is a personal one, for people with good jobs and strong credit, today’s low mortgage interest rates and continued affordability make now a good time to buy a home.
(Mar 13, 2014) Homeowners and businesses welcomed the Senate’s passage on Thursday of a bill designed to slow implementation of a 2012 law that would end federal insurance subsidies for people living in flood zones. Realtors who had warned about the potential impact of increasing premiums on the housing market, applauded the bill. The National Association of Realtors called it a “responsible and balanced solution to the skyrocketing flood insurance premiums.” We believe this legislation will bring relief to property owners by ensuring a slow and steady phase in of risk-based increases,” the organization said in a statement.