NAR President Issues Statement on Bush's Proposed FHA Changes

    WASHINGTON, Aug. 31 /PRNewswire-USNewswire/ -- Pat V. Combs, 2007
 president of the National Association of Realtors(R), released the
 following statement in support of Federal Housing Administration policy
 changes proposed today by President George W. Bush:
     "The National Association of Realtors(R) strongly commends President
 Bush for his leadership in proposing a set of policies designed to ease the
 crisis in the mortgage industry and halt the rapidly increasing rate of
 foreclosures affecting many American families today.
     "NAR has been advocating for many of these FHA changes since early
 2007. In letters, testimony, speeches and meetings, we have encouraged both
 Congress and the U.S. Department of Housing and Urban Development to make
 meaningful changes to the FHA that would stem rising foreclosures.
     "The proposed changes will allow more people to refinance with FHA
 insurance, like those that have fallen behind in their mortgage because of
 so- called 'exploding ARMs.' Many families who have been making their
 mortgage payments at the starter rate but were unable to keep them up after
 the loan reset have been unable to refinance through the FHA, but with this
 increased flexibility, FHA can now help many more families in jeopardy of
 losing their home.
     "We will continue to use our voice and presence in Washington, pushing
 Congress to act quickly to enact other FHA program changes that will help
 ease the current crisis and protect consumers. FHA modernization should
 include increasing loan limits, eliminating or reducing the amount of cash
 down payments required for FHA loans, establishing risk-based pricing,
 revising prepayment penalty regulations, and increasing loss mitigation
 efforts.
     "NAR also supports separate legislation to abolish the mortgage
 cancellation tax that consumers are hit with when their mortgage is
 forgiven by their lender. NAR believes in a comprehensive effort to ensure
 this crisis will not repeat itself and alleviate the burden for many
 families who are currently facing the nightmare of losing their home."
     NAR and its 1.3 million members pledge to work with Congress to ensure
 that the rights of states are upheld in all industries, and that consumer
 rights are protected.
     The National Association of Realtors(R), "The Voice for Real Estate,"
 is America's largest trade association, representing more than 1.3 million
 members involved in all aspects of the residential and commercial real
 estate industries.
     Information about NAR is available at http://www.REALTOR.org. This and
 other news releases are posted in the Web site's "News Media" section in
 the NAR Media Center.
     REALTOR(R) is a registered collective membership mark which may be used
 only by real estate professionals who are members of the NATIONAL
 ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not
 all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.
 
 

SOURCE National Association of Realtors