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WASHINGTON, February 13, 2008 -
The National Association of Realtors® has called on both the U.S. Department of Housing and Urban Development and the Office of Federal Housing Enterprise Oversight to promptly implement the higher conforming loan limits for Fannie Mae and Freddie Mac and the increased Federal Housing Administration loan limits that Congress mandated and that President George W. Bush today signed into law. In a letter to HUD Secretary Alphonso Jackson and OFHEO Director James Lockhart, NAR notes that failing to move quickly to allow Fannie Mae, Freddie Mac and the FHA to increase their loan limits will prolong the nation’s mortgage crisis and make a recovery in the housing market more difficult. “The importance of immediately implementing the new limits cannot be overstated. Mortgage markets throughout the country need liquidity,” said NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “Our research indicates that the increased FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their homes.” In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the housing finance market, which continues to be severely stressed, by providing an immediate infusion of much needed liquidity to the nation’s mortgage market. “While such an increase will not solve the full range of housing challenges, it will play an important role in improving the nation’s economy,” said Gaylord. “We do not have time to waste. Families need mortgage options whether they are purchasing or refinancing to keep their homes.” An economic impact study conducted by NAR in January estimated that increasing the GSEs’ conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated. “These are real results and can have an immediate and sustainable impact for families across our country,” said Gaylord. “NAR members stand ready to communicate and educate families in all parts of the country. We stand ready to move immediately upon your implementation. We are ready to do our part in helping families achieve the dream of homeownership as well as keep their homes,” Gaylord said. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries. |
The National Association of Realtors® testified today that foreclosure rescue scams have caused major problems for many Americans and that older Americans and other vulnerable borrowers are frequently targets. NAR called for increased funding for programs that provide financial assistance, counseling and consumer education to borrowers to help them avoid foreclosures and foreclosure rescue scams.
John W. Anderson, past NAR chair of the Federal Housing Policy Committee and Regulatory Issues Forum, spoke at a hearing before the Senate Special Committee on Aging. “I know firsthand that foreclosure rescue scams rarely turn out with a happy ending,” said Anderson, a Realtor® broker-owner from Minneapolis. “Realtors® are not only in the business of helping people into homes, but also making sure they keep their homes. Abusive lending and foreclosure rescue scams erode confidence in the nation’s housing system and destroy families and communities. Many older Americans rely on their home as the foundation of their net worth and for security in their old age. For them, a foreclosure is emotionally and financially crippling.”
NAR research shows that the foundation of many older Americans’ net worth is in their home equity. NAR’s study found that half of older baby boomers are concerned about their financial security, given rising medical costs, increased monthly household bills and other age-related expenses.
“Abusive lenders and foreclosure scammers are on the lookout for older boomers who encounter unexpected expenses; these lenders then swoop in to ‘save the day.’ We must all work together to make sure all consumers know they have some place to go for information and counsel, and that they can take steps to prevent foreclosures,” Anderson said.
NAR supports the HOPE NOW alliance, which brings homeowners together with homeownership counselors, lenders, investors and others. NAR also promotes FHASecure, a Federal Housing Administration program that offers foreclosure mitigation options.
Working with the Center for Responsible Lending, FHA and NeighborWorks, NAR has produced a series of educational brochures designed to educate consumers about different types of loans and provide information on various financing and refinancing options available to them. “Realtors® help families achieve the dream of homeownership, and we believe that consumer protections should be in place to ensure that the dream does not turn into a family’s worst nightmare. We stand ready to work with Congress on the important issue of foreclosure rescue scams and on eliminating other predatory lending practices,” said Anderson.
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries.
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NAR Hails Passage of Economic Stimulus Package to Help Jumpstart Housing Market |
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WASHINGTON, February 08, 2008 -
The National Association of Realtors® congratulated the U.S. Congress for quickly passing a national economic stimulus package and thanked President George W. Bush for his leadership and willingness to promptly enact legislation that will help thousands of families, the housing market, and the U.S. economy. “We believe the economic stimulus bill that Congress sent to the president today is strong legislation that will quickly impact the nation’s families and economy,” said NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif. “We are pleased that both the Federal Housing Administration (FHA) and the Fannie Mae and Freddie Mac (GSE) loan limits have been increased, even if only temporarily. This will be a major stimulus for the housing industry and for people who want to own a home.” Increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home, according to NAR research. In addition, NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the severely stressed housing finance market by immediately infusing much needed liquidity into the nation’s mortgage market. “While such an increase will not solve the full range of housing challenges, it will play a vitally important role in improving the nation’s economy and making the dream of homeownership more attainable for thousands,” said Gaylord. An economic impact study conducted by NAR earlier this month estimated that increasing the GSEs’ conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000. In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points. “These are real results and will have an immediate and sustainable impact for families across our country,” said Gaylord. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of residential and commercial real estate industries. NAR is the leading advocate for homeownership, affordable housing and private property rights. |
