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July 24, 2008Realtors Hail Housing Bill |
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From PR Newswire: NAR thanked Chairman Barney Frank, D-Mass., and the House of Representatives for their bipartisan efforts in getting H.R. 3221 passed. "We look forward to prompt Senate action to finalize this bill, helping ensure that every American who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it. This bill must get to the president quickly, and we urge him to act immediately to sign it into law." NAR has expressed ongoing support for the major features in the housing package. The legislation includes Federal Housing Administration Modernization that will simplify and make FHA-backed mortgages more available while helping thousands of families refinance existing mortgages and keep their homes. Other important components of the bill that NAR supports are reform of the government-sponsored enterprises (Fannie Mae and Freddie Mac), permanent increases to both GSE and FHA loan limits, a first-time home buyer tax credit and a program to expand FHA that would allow more homeowners to refinance their mortgages. "This bill would extend the tax credit availability through June 2009, which would have a further positive effect on the housing market." This and other news releases are posted on the Web site's "News media" section in the NAR Media Center. REALTOR(R) is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics.
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