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)
REALTOR ACTION CENTER
National Flood Insurance Program Extened to March 28
Late March 2nd, President Obama signed into law H.R. 4691: the Temporary Extension Act of 2010 which has extended the authority for several programs including the National Flood Insurance Program (NFIP). NFIP's expiration date was February 28; H.R. 4691 changed the date to March 28, 2010.
Pending before the Senate is an amendment to separate legislation (H.R. 4213) which would extend the program through the end of the year. NAR will continue to push for the longer extension, to avoid compounding the market uncertainty and give Congress sufficient time to enact meaningful long-term reform.
HUD TAKES ACTION TO SPEED RESALE OF FORECLOSED PROPERTIES TO NEW OWNERS (01.19.2010) READ
RESPA Changes NAR Video
NAR Broker Involvement Program, Carole Horn presented to NMRA View PPT
DoD Homeowners Assistance Plan for Active Military Released READ
IRS Publicizes First Time Home Buyer Tax Credit on You Tube Watch
Tax Credit Extension Draws Increasing Attention (10.02.2009)
Increasing media coverage has drawn attention to the reality that the $8000 first-time homebuyer tax credit will expire November 30, but that prospective purchasers need to act quickly to assure that they will qualify for the credit. To receive the credit, purchasers must actually close the transaction before December 1.
Ways and Means Chairman Rangel (D-NY) has introduced legislation that would extend the benefit of the credit through 2010, but has limited eligibility for that extension to a limited group of potential purchasers. His bill (H.R. 3590) would make the credit available to individuals who have served in the military, Foreign Service or in the US intelligence community outside the US for 90 days or more during 2009. They must also be first-time purchasers.
NAR has sent a letter of support to the Chairman and has also urged him to include an extension of the first-time homebuyer credit when the full House considers that legislation. The House will likely require that any extension of the credit be "paid for." Paying for an extension of the current credit is said to "cost" just less than $1 Billion per month of extension. NAR is working aggressively through its grassroots and also at the staff level to convince Congress to extend current law.
In the Senate, Senator Ben Cardin (D-MD) has sponsored S. 1678. It offers a straight extension of the credit for 6 months. Majority Leader Harry Reid (D-NV) is a cosponsor, as is Senator Johnny Isakson (R-GA), an early advocate for a tax credit. The Senate does not yet have a strategy for moving that bill, as all revenue measures must originate in the House.
Extend and Expand the Homebuyer Tax Credit
- Take Action Now
- Download the Print Ad
- Enter the 2009 REALTOR Party Video Contest
Lead Paint Renovation Compliance Guide Now Available On-Line
Wash Post: U.S. Considers Remaking Mortgage Giants (08.06.2009) READ
David Stevens Confirmed as FHA Commissioner READ
Freddie Mac Calls for Appropriate Comparables READ
FHFA AUTHORIZES FANNIE MAE AND FREDDIE MAC TO EXPAND HOME AFFORDABLE REFINANCE PROGRAM TO 125 PERCENT LOAN-TO-VALUE READ
Revised TILA Disclosure Requirements Take Effect on July 30, 2009 READ
American Clean Energy And Security Act (07.07.2009) INFO
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
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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