Government Affairs Headlines from REALTOR.org
REALTOR.org Government Affairs Headlines
NAR Urges Action on Commercial Credit
(July 29) NAR Treasurer Jim Helsel testified in Congress today.
Rural Housing Funding Restored
The long anticipated restoration of the Section 502 single-family rural housing program is headed to President Obama's desk for signature into law.
President Signs Wall Street Reform and Consumer Protection Act
NAR has been working closely with members of Congress to ensure that Wall Street Reform legislation did not adversely affect REALTORS®.
House Passes Flood Insurance Reform Bill: Senate still needs to act.
The House passed the Flood Insurance Reform Priorities Act, which would extend the NFIP to September 30, 2015. The bill moves to the Senate where the prospects of passage are not clear.
Flood Insurance Update
The Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program, until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.
Tax Credit Closing Deadline Extended
After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension. The new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law. NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation.
Lack of Credit Extension Would Dash Hopes of Home Buyers in All 50 States
Up to 180,000 home buyers will lose their tax credit if Congress fails to pass an extension to the home buyer tax credit by June 30
Flood Insurance Update
Senate to consider flood insurance extension the week of June 28, 2010.
Flood Insurance Update
A bill to reinstate the National Flood Insurance Program passed the House of Representatives earlier today. The Senate must still pass the bill.
President's Podcast: Pushing Hard on Three REALTOR® Issues
Listen to President Vicki Cox Golder on closing extensions, flood insurance, rural housing, and FHA reform.
NAR Urges Congress to Pass Tax Credit Extension
The proposed measure introduced in the Senate would extend the home buyer tax credit closing deadline to Sept. 30.
Flood Insurance Update
Despite our efforts Congress allowed the NFIP to expire on May 31, 2010. Urge Congress to take immediate action on a lasting NFIP extension
Flood Insurance Update
NAR seeks to prevent lapse in the National Flood Insurance Program, set to expire May 31.
Strengthening VA Home Loan Program
NAR offers suggestions to Congress for making a good Veterans Affairs Home Loan Guaranty Program even better.
Realtors® Take to the Hill
Several thousand Realtors® ascended Capitol Hill to persuade Congress to protect affordable and safe financing for American families and reform Fannie Mae and Freddie Mac.
Government Affairs Materials for Midyear Meetings
Download your talking points, briefing materials, meeting schedules, and much more.
NAR Urges Extension of Rural Housing Program
NAR asks the Senate to approve House bill to extend loan commitment authority to help families purchase homes in rural areas, which is set to expire Friday, April 30.
NAR Calls for Reform of Flood Insurance Program
Floods and damages since 2005 have pointed toward a need to reform the program, says NAR to Congress.
HUD to Permit e-Docs in Transactions
NAR hailed the decision by the HUD to allow electronically signed documents in transactions involving FHA loans.
Enhancements to HAMP, FHA Refinances Announced
The Obama Administration announces changes to the Home Affordable Modification Program and enhancements to FHA refinancing rules.
Health Insurance Reform: What It Means To You
Learn how health reform legislation will affect you, your family, and your business.
NAR Testifies About GSE Structures
Fannie Mae and Freddie Mac should be restructured as government-chartered, non-shareholder owned authorities.
Eye on Washington: NAR Testifies at Property Insurance Hearing
This month's issue examines the nation's natural disaster insurance policies, how they affect REALTORS, their communities, and their businesses, and a recent Congressional hearing at which Immediate Past President Charles McMillan testified.
Comprehensive, Forward-Looking Disaster Policy Needed
In testimony before two House panels today NAR calls for affordable, comprehensive, disaster insurance policy.
Flood Insurance Extended Through March
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.
Home Affordable Refinance Program (HARP) extended to June 30, 2011
On March 1, 2010, the Federal Housing Finance Agency (FHFA) announced the extension of the Home Affordable Refinance Program (HARP).
NAR Responds to State of the Union
NAR President Vicki Cox Golder sits down with Chief Lobbyist Jerry Giovianello to discuss NAR’s response to President Obama’s State of the Union address.
Realtors® Partner with National Community Stabilization Trust
NAR has joined forces with the National Community Stabilization Trust to help rebuild American communities devastated by foreclosures.
IRS Releases Revised Tax Forms, Instructions for Claiming Tax Credit
The IRS has released IR-2010-006 providing a revised Form 5405 to reflect the changes to the tax credit made in the extension and expansion legislation enacted in November 2009.
Will Federal Short-Sales Guidelines Speed Deals?
NAR Managing Director of Regulatory Affairs Jeff Lischer walks REALTORS® through the new federal short sale guidelines and assesses their potential impact in this REALTOR® Magazine interview.
FHA Announces Changes
The FHA announces changes to ensure its long-term financial soundness.
New RESPA Rule Effective Jan. 1, 2010
NAR helps members get up-to-speed on the new RESPA rule, which became effective January 1, 2010, with a new feature, audio presentation, and slides.
NAR Public Policy Survey and Priorities
NAR President Vicki Cox Golder and Chief Lobbyist Jerry Giovaniello explain how NAR determines its public policy priorities and what Congress will likely tackle in 2010.
2009 Legislative and Regulatory Accomplishments
Find out about NAR's legislative and regulatory initiatives on behalf of members in 2009.
FHA Mortgage Insurance Important to Housing Market
NAR President Vicki Cox Golder testifies before a congressional panel about the importance of the FHA mortgage insurance program to the housing market.
Treasury Details HAFA Program Guidelines
Home Affordable Foreclosure Alternatives Program (HAFA) provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on eligible loans.
Stevens Lauds Realtor® Role in Recovery
In San Diego, Commissioner Stevens expresses FHA's commitment to helping Realtors® be successful, and assures soundness of FHA program.
Tax Credit Benefits Service Members, Others
Two special provisions in the present tax credit law assist members of the military, intelligence and foreign services in taking advantage of the home buyer tax credit.
President's Podcast: Tax Credit Extended and Expanded
NAR President Charles McMillan announces that Congress has answered our call to extend and expand the homebuyer tax credit.
New: RESPA Webinar Recording Available
Expert Phil Schulman addresses the new RESPA Rule scheduled to go into effect on January 1, 2010 and answers members' questions.
Focus on Extending Tax Credit Intensifies
NAR's current Call for Action has achieved a higher response rate than any previous Call.
Permanent FHA Loan Limits Crucial
Making the current FHA loan limits permanent would ensure liquidity in the housing market and make mortgages more affordable for qualified buyers, NAR testified before Congress.
Tax Credit: Best Tool for Recovery
The $8,000 home buyer tax credit is vital to housing recovery and it is essential that Congress extend it into 2010, NAR testified before a House committee.
President's Podcast: Short Sales Tips
NAR President Charles McMillan and President-Elect Vicki Cox Golder discuss five tips on how to handle short sales.
President's Update: NAR Takes Action on Top Issues
NAR President Charles McMillan briefs association executives and government affairs directors about recent actions on the tax credit extension, FHA credit and appraisal policies, and more.
FHA Aims to Protect Taxpayers
“FHA remains an essential tool for consumers,” says NAR President Charles McMillan.
Legislative Update: Tax Credit, Appraisals, and Health Reform
NAR President Charles McMillan sits down with Chief Lobbyist Jerry Giovaniello to discuss critical issues facing REALTORS®.
REALTORS® Urge Congress to Extend Tax Credit
Realtors® to inform Congress of the success of the tax credit thus far and to press them to extend and expand it.
FHA Clarifies Position on HVCC
FHA is currently reviewing its appraisal policies and may adopt changes that take HVCC into account.
NAR to Offer Short Sales Certification
To help Realtors® meet the needs of home buyers and sellers, NAR has launched a new Short Sales and Foreclosure Certification Program (SFR).
New: Healthcare Reform FAQs
NAR releases new healthcare reform FAQs for REALTORS®.
New Resource: Money Laundering/Terrorist Financing
NAR provides information about money laundering and terrorist financing schemes in real estate and how real estate professionals can help combat them.
Congress to Revisit Healthcare After Recess
While both the House and the Senate have made progress on proposed bills, further discussions and mark-ups are planned for September.
New: Lead Paint Renovation Guide
NAR introduces a new Lead Paint Renovation Rule Compliance Guide for REALTORS® and Property Managers.
FHA Home Modification Program to Help Homeowners
This newly enhanced program will help struggling homeowners to significantly reduce their monthly mortgage payments.
Revised TILA Disclosure Requirements
Revised Truth in Lending Regulation (Reg Z) disclosure requirements for lenders will take effect on July 30, 2009.
NAR Applauds Appraisal Clarification
A statement from NAR President Charles McMillan praises the FHFA's recent guidance on HVCC as a good first step.
President's Podcast: Legislative Update
President Charles McMillan provides a legislative update on two important issues affecting members: the Home Valuation Code of Conduct (HVCC) and health care reform.
REALTORS® Endorse Green Building Incentives
Before Congress, NAR reiterated the significance of its own green building and reinforced support for energy efficiency tax credits, block grants and weatherization assistance investment.
Housing Incentives Help Economy
"By enacting provisions that stabilize America’s real estate markets, you are helping small businesses and America’s communities thrive and prosper," testified NAR President Charles McMillan.
HUD: Home Buyer Tax Credit Loans Still on Track
Detailed guidance on the federal government's plan to provide short-term loans to borrowers using the First-Time Home Buyer Tax Credit is expected to be out shortly.
Legacy CBMS Eligible Collateral Under TALF
Federal Reserve Board announced that, starting in July, certain high-quality legacy CMBS will become eligible collateral under the TALF program.
Realtors® Help Buyers, Sellers Navigate Short Sales
Attendees at the Housing Opportunity Forum at Midyear gain insight on short sales.
Uniform Short Sales Process To Help Struggling Home Owners
Help is on the way for many home owners who are facing foreclosure, thanks to new details under the Making Home Affordable Program.
NAR Real Estate Summit Draws Media Coverage
View clips of the media coverage generated by NAR's Real Estate Summit held at the Midyear Meetings in Washington, D.C. on May 12, 2009.
Realtors® Support More HUD Funding
NAR is pleased that President Obama’s 2010 budget includes increased funding for the U.S. Department of Housing and Urban Development and many of its important programs.
NAR Applauds New FHA Head
NAR is pleased that David Stevens, an experienced, successful real estate and mortgage professional, has been nominated to lead the Federal Housing Administration.
NAR Recommends Responsible Lending Principles
President Charles McMillan expressed Realtors® commitment to protecting consumers from unfair lending practices before a congressional subcommittee.
REALTORS® Pledge Assistance for Obama Guidelines on Foreclosure Fixes
Guidelines announced today will be implemented immediately to help struggling homeowners as well as millions of eligible homeowners who have stayed current in their mortgage payments.
NAR Opposes Mortgage Interest Deduction Change
According to NAR, this small section of President Obama's proposed budget could impede the recovery of the real estate markets.
REALTORS® Endorse Recovery Plan
NAR expressed support for President Obama’s economic recovery plan that stresses housing stability, as well lending and foreclosure prevention.
Listen to NAR President's Statement
Realtors® Support Aid to Troubled Homeowners
NAR commends the Obama administration’s Homeowner Affordability and Stability Plan to help homeowners at risk of losing their homes.
About the plan.
President Signs Stimulus Bill
President Obama has signed the American Recovery and Reinvestment Act of 2009 into law.
Stimulus Bill Passes House, Senate; President Expected to Sign Soon
The bill is a $780 billion package, with roughly 35% of the package devoted to tax cuts (mostly for 2009) and the rest to spending intended to occur in 2009 and 2010.
Senate Stimulus Bill, Treasury Plan Good Start
NAR hails the Senate for passing its stimulus bill, which now heads to conference committee to reconcile differences between the Senate and House versions.
Compare House and Senate Bills>
Tell Congress to Act on Stimulus
Encourage Congress to make affordable mortgages available and stem foreclosures by supporting new provisions to the Stimulus plan.
More Liquidity Needed in Commercial Real Estate
A severe lack of credit threatens commercial real estate and poses significant risks to the whole economy, according to an NAR work group
Realtors® Urge Congress to Help 'HOPE For Homeowners'
NAR announced its support for legislation designed to ease loan modifications and improve refinancing options for troubled homeowners by revamping the HOPE for Homeowners program.
Read NAR's letter>
Senators Emphasize Housing Stabilization
Five senators ask colleagues to focus on housing in the stimulus package.
Unlock America's Economy>
Hear NAR President's podcast>
Keep Big Banks Out of Real Estate
Congress introduces legislation to prevent big banks from entering real estate.
Stimulus Plan Passes in House
NAR is pleased that the U.S. House of Representatives has passed The American Recovery and Reinvestment Act of 2009.
REALTORS® Welcome President Obama
"On behalf of NAR’s 1.2 million Realtors®, we welcome the new president and pledge to work with him to stabilize the U.S. housing market," NAR President Charles McMillan says.
NAR Continues Push for Comprehensive Strategy
NAR has expressed support for the TARP Reform and Accountability Act (H.R. 384), and will continue to advocate its positions to the new administration and regulatory agencies.
Many Home Buyers Need Higher Loan Limits
The drop in mortgage loan limits is hurting home sales and trade-up activity in higher price ranges.
Effective Implementation Critical to Tax Credit
If all home buyers become eligible for a tax credit without a repayment feature, it could result in an additional 555,000 home sales, according to NAR.
NAR Reiterates Keys to Housing Recovery
In testimony before Congress, NAR President Charles McMillan stressed the importance of restoring confidence in the housing market.
REALTORS® Support Donovan as HUD Head
NAR believes Donovan will bring the strong leadership required at this critical time in the economy and housing market.
Bill to Stabilize Housing Introduced
"The bill proposed by Chairman Frank is an important first step toward launching a real estate recovery," says NAR President Charles McMillan.
NAR to Congress: Increase FHA Funding
In testimony submitted today, NAR President Charles McMillan urged Congress to provide more funding to support FHA programs.
Advisory: Downpayment Clarification
NAR sets the record straight regarding the required size for a mortgage downpayment with four key facts.
NAR: Make Mortgages More Attainable
NAR applauds recent actions making mortgage interest rates more affordable; however, further action is needed.
Fed Action Creates Best Rates in 50 Years
Interest rates announced by the Federal Reserve Board today will significantly impact housing sales, home valuations, and the nation's overall economy.
NAR Pushes For Interest Rate Buy-Down
NAR seeks a 4.5 percent mortgage interest rate buy-down program financed through the U.S. Treasury Department’s Troubled Asset Relief Program.
REALTORS® Support Donovan Nomination
The National Association of Realtors® applauds President-elect Barack Obama’s selection of Shaun Donovan as Secretary of the U.S. Department of Housing and Urban Development.
Rate Drop Good, But Government Support Needed
After a recent decrease, NAR urges the federal government to continue to drive down mortgage interest rates and move ahead with housing stimulus action.
NAR to Congress: Housing Key to Recovery
NAR letter urges Congress to pass an economic stimulus package to help stabilize the housing market.
NAR Statement on Possible Treasury Action
NAR is pleased that the Treasury Department is seriously considering actions to lower interest rates, says NAR President Charles McMillan.
Updated Credit Crisis Information and Resources Available
NAR closely monitors Federal Government response to continuing credit crisis.
NAR Supports Fed's Debt Purchase Plan
In a four-point plan submitted to Congress last month, NAR called for the Treasury Department to purchase mortgage-backed securities (MBS) from banks.
New Weekly Washington Report Released
This week's The Washington Report explores current issues, including the newly published RESPA regulations.
NAR Calls Separation of Banking and Commerce Critical
In a letter to Federal Reserve Board Chairman Ben Bernanke, NAR expressed concern over GMAC's application for bank holding company status.
Realtors® Tell Congress Increased Housing Demand Will Stabilize the Market
National Association of Realtors® recommends a four-point plan to stimulate home sales and stabilize housing valuations.
Deadline Nears to Appeal New FHA Loan Limits
In a letter announcing the new loan limits, FHA also explained how to contest the new limits. Appeals must be made by December 6, 2008.
HUD Issues Final RESPA Rule
HUD publishes the Real Estate Settlement Procedures Act (RESPA) final rule.
Eye on the Hill: NAR Urges Congress to Consider New Housing Stimulus Package
NAR presses Congress to act on a new stimulus package to help stabilize the housing market and give a boost to the sagging economy.
President Signs $700 Billion Rescue Bill
NAR applauds quick action to stop the economic turmoil many Americans face.
House Passes Economic Stability Act
In a recent statement, National Association of Realtors® President Richard F. Gaylord urges swift action by President Bush on the Economic Stability Act.
NAR Salutes Housing Provisions as a Victory for Veterans
Legislation's provisions are critical to helping veterans during the current housing turmoil.
NAR Comments on Actions to Stabilize The Secondary Mortgage Market
National Association of Realtors® President Richard F. Gaylord issues a statement on Treasury and Federal Housing Authority actions designed to calm the market.