On May 12, 2010, several thousand members of the National Association of Realtors (NAR) approached their respective members of Congress personally to advocate for the continued existence of Fannie Mae and Freddie Mac, “affordable and available property insurance,” and the strengthening of the FHA, reported MarketWatch [1]. They also advocated against increased buyer down payments and to make current FHA loans permanent.
NAR’s senior vice president and chief lobbyist, Jerry Giovaniello, did not come out against any reform in the mortgage giant, however. His main concern was stopping the dissolution in the amendment proposed by Senator John McCain and several others in the Senate. “Congress must restructure Fannie Mae and Freddie Mac in a way that keeps the federal government involved in the secondary market to ensure mortgage liquidity in all markets and all conditions,” he said. “In past economic crises, private capital flees the market first.
NAR members also urged congress to “enhance liquidity in the commercial real estate market,” saying that failure to do so would drive down the economic recovery.
[1] http://www.marketwatch.com/story/realtorsr-take-to-the-hill-to-press-real-estate-concerns-on-congress-2010-05-12?reflink=MW_news_stmp
Here we go again. The Realtors want to keep everything just as it is rather than thinking outside of the box and determining how we can get more capital into the marketplace from other sources.
Don’t the Realtors understand that Fannie Mae, Freddie Mac and the unrealistic lending policies associated with them is what created this mess to begin with?
As I have often stated, the NAR has no concern about anything except their own pockets!
It’s like the fleas killing the dog to keep feeding. These programs (& ones like them) are literally bankrupting America.
Yes these programs keep the Realtors selling to barely qualified buyers in slow times. But at some point we all have to stand for our country FIRST. Even when (& especially when) it hurts.
Sometimes you need to suck it up & do what’s right for your country & stop killing the dog.
JvM