Lawmakers Expected to Consider Fannie, Freddie Reform This Spring
Although we’re still waiting for legislation to come out, lawmakers have been working on GSE Reform. Four bills have been introduced that would take a comprehensive approach to reform, including a bill by Rep. Gary Miller (R-Calif.) that very closely matches up with NAR’s priority, which is to encourage private investors to return to the secondary market while replacing Fannie Mae and Freddie Mac with an entity that continues to back conforming loans but as a nonprofit, not as a for-profit company.
Learn more about what to expect in this informative video with NAR policy analyst Tony Hutchinson. Tony explains what we are likely to expect from Congress over the next few months. Due to upcoming elections the possibility exists that they will put off making comprehenasive changes until after the dust from the November elections has settled. But this is no reason to not pay careful attention and to stay informed and engaged. Even if legislation takes until 2013 to pass, key decisions could be made in the next few months.
Learn More About What to Expect on GSE Reform
NAR Update on the Stop Online Piracy Act
There has been much excitement the last few days regarding two online piracy bills in the House and the Senate (H.R. 3261, the Stop Online Piracy Act – SOPA and S. 968, the Protect IP Act – PIPA). The bills mainly target overseas stealing of online media. NAR has not taken an official position on either of the bills at this time but continues to monitor the situation, and the policy committee with oversight of this issue will be determining a course of action if necessary. If you have questions about either SOPA or PIPA, please contact Melanie Wyne. In the meantime, please read NAR's Policy Issue Summary to learn more about the issue and how it might relate to real estate. NAR Issue Summary on SOPA and PIPA
National Flood Insurance Program Extended to May 2012
On December 16, 2011 Congress extended National Flood Insurance Program (NFIP) authority through May 31, 2012. This latest extension was a part of H.R. 2055, a "megabus" appropriations bill to fund the federal government's 2012 fiscal year. NAR will continue to press Congress to use the additional time to complete their work on a five-year reauthorization of the program (H.R. 1309). NAR believes in the need for a long term reauthorization in order to provide certainty and to avoid further disruption to real estate markets.
The REALTOR® Party Wins Transfer Tax Prohibition in Louisiana
On Saturday, November 19, Louisiana voters went to the polls and supported Constitutional Amendment No. 1 to prohibit real estate transfer taxes. The vote was the culmination of a year-long joint campaign by the Louisiana REALTORS® and NAR.
A vote of the legislature earlier this year put the transfer tax measure on the ballot. Final legislative passage occurred in June 2011 on a 101-0 vote in the Louisiana House of Representatives and a 34-0 vote in the Louisiana State Senate.The amendment passed overwhelmingly with nearly 81 percent of the vote. Voter turnout was high and the amendment passed decisively in all 64 parishes.
Thank you to all of the Louisiana REALTORS®, association staff and home owners who worked hard to win approval for the amendment. There is no better example of what we can accomplish when we work together to leverage our political strength to protect home ownership. This is your dues at work!
Hear from NAR President Moe Veissi on why this was an important victory Learn more about how we did it Download our transfer tax campaign materials
NAR President Moe Veissi Testifies on Vital Role of FHA
NAR President Moe Veissi testified before the House Financial Services Committee regarding the health of the FHA single-family insurance fund. During his testimony he praised FHA for its financial stability and for having taken adequate steps to ensure its long-term financial soundness. NAR offered recommendations to help ensure FHA’s continued strength and availability to homeowners through enhancements to FHA’s condominium rules, making permanent the reinstated FHA mortgage loan limits, and legislation to increase the FHA multifamily loan limits in high-rise properties.
“We wholeheartedly support the FHA program and we stand ready to work with Congress to enhance FHA’s mission, service and purpose".
Download NAR's testimony Read the Press Release
Congress Restores FHA Loan Limits
Congress has restored the loan limits for FHA for two years. In late September the FHA and Fannie/Freddie Loan Limits were reduced in 42 states pricing potential home buyers out of the American Dream of home ownership and holding back the housing recovery.
NAR immediately went to work with the goal to get the loan limits restored in Congress. For weeks that goal seemed unlikely. You, and countless other REALTORS® like you along with NAR leadership and your Government Affairs team in D.C. worked to educate Congress that well-qualified buyers didn't need yet another hurdle to access affordable mortgage financing.
The reinstated FHA loan limit formula and cap change will help make mortgages more affordable and accessible for hard-working, middle-class families in 669 counties in 42 states and territories, where the average loan limit reduction after the reset last month was more than $68,000. The provision reinstates the FHA loan limits through 2013 at 125 percent of local area median home prices, up to a maximum of $729,750 in the highest cost markets. The floor will remain at $271,050. However, Congress chose not to apply the loan limits restoration to Fannie and Freddie. Fannie and Freddie backed mortgages will remain at 115 percent of local area median home prices up to $625,500.
Myths and Facts about the FHA Loan Limits
2011 Legislative and Regulatory Accomplishments
What a year! Find out how the REALTOR® Party worked to to preserve property ownership and protect your business interests this year. NAR has made significant progress on all fronts. The issues highlighted here represent just a portion of the advocacy activity conducted on behalf of REALTORS®.
2011 NAR Legislative and Regulatory Year in Review
Learn More About How the REALTOR® Party Can Build Strength in 2012
NAR recently tapped Bill Malkasian to serve as the NAR vice president of political strategic initiatives. Many of you know Bill from his 36 years serving Wisconsin REALTORS®. In his new role with NAR he will help ensure the most efficient match between state and local associations and the expanded My REALTOR® Party program resources.
Listen to a few associations share their excitement about their My REALTOR® Party plans for 2012
Outcomes from the New Solutions for America’s Housing Crisis Conference
NAR recently participated in the New Solutions for America’s Housing Crisis Conference hosted by two well-respected policy think tanks --the Progressive Policy Institute and Economic Policies for the 21st Century(e-21).
The conference brought together policy leaders, industry representatives, Members of Congress, thought leaders and the media to present ideas and make actionable recommendations for a sustained housing recovery. NAR supports many of the bipartisan ideas and recommendations and urges Congress and the Administration to consider them promptly. Check out the link for more detailed information about the five-point plan. Five-Point 2011 Five-Point Housing Solutions Plan
Home Ownership Matters and Public Advocacy
Recent media reports have questioned whether home ownership is good for America and challenged federal initiatives that favor home ownership—including the mortgage interest deduction. The attacks seek to lay the groundwork for curtailing public policies and to persuade the public that such actions are in their best interest. Through advocacy and outreach to lawmakers, consumers, thought leaders, and the media, NAR is working to preserve this important American institution and provide REALTORS® and state and local associations with valuable information and tools to address concerns from clients and the community. Watch the latest public advocacy campaign ad "Future Generations" running on national tv Read why government's role in housing is valuable From NAR Research: An Existing Home Purchase: the Economic Impact and the Jobs Impact Get facts on why Home Ownership Matters and get involved.
