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NAR Fighting to Protect Home Ownership; Congress Begins Debate on the Future of the Housing Finance System
Posted on February 17, 2011
Earlier this week, President Obama delivered his long-awaited plan to Congress on reforming the housing finance system, specifically the future of Fannie Mae, Freddie Mac and government support for mortgage financing and home ownership. Under one option of the plan, Fannie Mae and Freddie Mac would be completely eliminated and there would be no future role for the government in the support of home ownership. Several components of the plan would also increase down payment requirements, lower conforming loan limits and significantly increase FHA mortgage insurance premiums. Unfortunately, research shows that this could devastate the housing market and lead to a massive decrease in home prices and sales. Accordingly, NAR is fighting to protect government support for home ownership with a coordinated advocacy, grassroots and public relations campaign. If you would like more information on this issue, please click here to access NAR’s Home Ownership Matters campaign.
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