Your source for REALTOR® specific federal issues. Get the latest NAR talking points, track federal legislation, and be "in the know" about what is happening at the national level.
National Association of REALTORS(R)
MN State Supreme Court Rules FRANKEN WINS! READ Court Decision
FHA: Home Prices May Be Stabilizing (06.23.2009) READ
Apprails Roil Real Estate Deals WSJ
HUD Guidance Discussion regargind monetizing the 1st Time home buyer tax credit. Christine Berger, VP of Government & Regulatory Affairs, & Heather Mavencamp, StateAssociation Director of Government Affairs discuss WATCH
HUD Guidance on Monetizing the $8,000 Tax Credit (05.29.2009) READ
HUD: Homebuyer Tax Credit Loans Still on Track (05.21.2009)
News reports that the federal government is backing away from its plan to permit eligible borrowers to monetize the first-time homebuyer tax credit are off the mark, a spokesperson for the U.S. Department of Housing and Urban Development says.
"The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site," Lemar Wooley, a HUD spokesperson, told REALTOR® Magazine Wednesday afternoon.
Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.
The loans were announced on the opening day of NAR's 2009 Midyear Legislative Meetings in Washington, D.C., last week. In his announcement, HUD Secretary Shaun Donovan said guidance would be issued shortly.
When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.
Source: REALTOR® Magazine Online
Read More
Buyer Tax Credit Loan Guidance Coming Soon
NAR 2009 Midyear Legislative Meetings & Expo - Government Affairs Materials
The Midyear Meetings represent an important opportunity for REALTORS® to meet with their U.S. Senators and Representatives and communicate the issues critical to their businesses, communities and the consumers they represent.
Download our Government Affairs / Community & Political Affairs Schedule> (PDF: 142K)
Talking Points
Real estate ownership and investment have historically been the drivers of a vibrant economy. Congress and REALTORS® must work together to restore that essential role.
Support the NATIONAL ASSOCIATION OF REALTORS® 2009 Legislative and Regulatory Goals:
Download All Talking Points> (PDF: 176K)
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Making Home Affordable Program Expanded to Permit Modification of Second Mortgages
On April 28, 2009, the Treasury Department announced expansion of the Making Home Affordable Program to help reduce payments on second mortgages. The Obama Administration took this action because as many as 50% of all at-risk borrowers have second mortgages and without modifying them the borrowers remain at a higher risk of default. Under the Second Lien Program, if the servicer initiates a Home Affordable Modification on the first mortgage, participating servicers will automatically reduce payment on the second lien in accordance with complex, but uniform, program criteria. As an alternative, servicers may extinguish the second lien in exchange for receiving a lump sum payment.
Treasury Department Press Release on Modifying Second Mortgages under the Making Home Affordable Program
Second Lien Program Fact Sheet
Second Lien Program Case Examples
NMRA Wins $5,000 NAR Foreclosure Grant READ
NAR: More Steps Need to Lower Rates (03.30.2009) Letter
IRS Guidlines on First Time Homebuyers Tax Credit IRS
NAR President's Podcast (03.19.2009) Listen
New Law Permanently Keeps Banks Out (03.11.2009)
President Barack Obama signed a bill into law Wednesday that permanently prohibits banks from entering the real estate brokerage and management business.
The bill--H.R. 1105, the Omnibus Appropriations Bill--ends the National Association of REALTORS' nearly eight-year battle to preserve the separation between banking and commerce.
"If banks had been allowed to engage in real estate brokerage, it would have created anti-competitive and anti-consumer concentrations of power within the financial services sector, which would have ultimately increased costs for homebuyers," according to an NAR resource page it has devoted to the issue.
Read a Q&A and get more information online about this bill and what this bill means for real estate.
Homeowner Affordability and Stability Guidelines
Homeowner Affordability and StabilityPlan
NAR Opposes Mortgage Interest Deduction Provision on Obama's Budget proposal (02/26/2009) READ
New 'Homeowner Affordability and Stability Plan' (02/18/2009)
- Executive Summary
- Fact Sheet
- Questions and Answers of Borrowers
- Housing Examples
What's In the Stimulus?
- 1st Time Homebuyer Tax Credit changes from $7,500 to $8,000 (no repayment) see chart
- FHA, Fannie Mae, Freddie Mac reinstates 2008 loan limits
- $2 Billion more competitive grants for Federal Neighborhood Stabilization Program (NSP)
- Low income housing grants
- $500 Million for Rural Housing Service (192,000 Homeowners)
- Tax exempt housing bonds
- $6 Billion Energy Efficient Housing Tax Credits & Grants (30% tax credit thru 2010)
- Transportation Investments $46.7 Billion to states
- Broadband Deployment $7.2 Billion to promote in under-served areas.
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