Archive for the ‘Mortgage Bankers Association’ Category

Housing Market

By Intero Real Estate | February 19th, 2009 0 Comments

Homeowner and Stability Affordability Plan praised

President Obama’s plan to help the housing market drew praise this week.

“The administration’s proposed plan, combined with provisions like the $8,000 first-time home buyer tax credit in the just-enacted American Recovery and Reinvestment Act, will help minimize foreclosures, shrink housing inventory, stabilize home values and move the country closer to an economic recovery,” said Charles McMillan, president of the National Association of Realtors®.

The Obama administration outlines the following as key components of the plan:

  • Refinancing for up to 4 to 5 million homeowners to make their mortgages more affordable.
  • A $75 billion homeowner stability initiative to reach up to 3 to 4 million at-risk homeowners.
  • Supporting low mortgage rates by strengthening confidence in Fannie Mae and Freddie Mac.

John A. Courson, president of the Mortgage Bankers Association, also had praise for the effort, noting “it provides crucial refinance opportunities to borrowers whose mortgages are held or guaranteed by Fannie Mae or Freddie Mac.”

However, he noted the association had some concerns. Specifically, he said the plan doesn’t seem to offer much help to borrowers whose loan exceeds their property value by more than 5 percent.

“This will limit the plan’s success in some of the hardest hit areas in California, Florida, Nevada and Arizona, as well as some areas on the East Coast,” Courson said. 

You can find the executive summary of the plan here.  

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Economic Rescue

By Intero Real Estate | October 5th, 2008 0 Comments

Groups applaud passage of economic rescue bill

Praise from real estate and other groups is pouring in over the passage of the economic rescue bill that President Bush has now signed into law.

"This legislation is critical to stopping the economic turmoil that millions of Americans are facing," Dick Gaylord, president of the National Association of Realtors®, said in a statement. "Today’s action will go a long way toward ending the current economic crisis crippling the housing and financial markets."

California Association of Realtors® President William E. Brown said his association applauds the bill’s swift signature by President Bush.

“The health of the nation’s housing market is critical to the financial well being of every household in the country, and is front and center here in California,” Brown said.

Over at the National Association of Home Builders, Chairman Sandy Dunn had this to say: “Hopefully, this (bill) will set the stage for rebuilding confidence, restoring the availability of credit for businesses and consumers, and reversing the downward spiral in home prices and rising foreclosures that are root causes of today’s financial turmoil,” Dunn added.

And, John A. Courson, the chief operating officer of the Mortgage Bankers Association, says the bill “will enable financial institutions to offer credit so individuals can purchase homes and other items and businesses can continue to operate and grow.” 

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