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The National Association of Realtors (R) continue to be worried about the steps being taken to tackle the foreclosure crisis. Although it expressed its satisfaction about what the Obama administration plans to do with the TARP funds it wants more steps to be taken to push house sales, stop more foreclosures and infuse confidence in the real estate market. NSR wants a comprehensive housing operation.
The president of NAR, Charles McMillan said that it is the housing sector that is “at the core of the current economic current.” He thinks, “A renewed, revitalized and robust housing market is essential to generating commerce and helping families build wealth and stability. We are eager to see this happen and look forward to working with the Obama administration and Congress to quickly implement housing stimulus efforts.”
The NAR was supportive of the proposal (H.R. 384) of Chairman Barney Frank – the TARP Reform and Accountability Act that had been introduced earlier this month. It includes key clauses for giving a boost to the housing sector. It envisages a mortgage buy-down plan to allow reduction of interest to go below the present prevailing ones, increase efforts to stop foreclosures and provide cash help to the mortgage market (both residential and commercial) to allow free flow of credit. NAR also applauded the efforts of Frank “to strengthen accountability and increase transparency in the use of TARP funds.”
NAR stresses that TARP should again focus on ending of the credit crisis and give a kick start to mortgage lending. The most important thing is to bring back TARP on the proper path and target on mortgage relief that will decrease mortgage interest and number of foreclosures.
Even without the enactment of H.R. 384, the Obama administration will get the full support of the Congress as regards sanctioning of the second half of the bailout funds amounting to $350 billion.
NAR will be regularly pressing the new administration with its requirements, needs and preferences. The realtors promised to work in cooperation with the government to pass an economic stimulus package that will include many points that NAR has raised. McMillan said, “We are pleased that eliminating the repayment feature of the first-time home buyer $7,500 tax credit will be addressed in this proposal. However, we still are working to have the credit expanded to all home buyers, and to extend the program through December 31, 2009.” He also said that NAR is working to see that FHA, Fannie Mae and Freddie Mac increase their loan levels so that the impact of these steps will have a positive impact on the housing sector.
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