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Carver Communications - Index

Carver Communications - 1.15.09 - Index

The National Association of REAL-
TORS® (NAR) applauds the actions of the
Federal Reserve Board in lowering interest
rates for home buyers and homeowners
who need to refinance. This will significantly
impact housing sales, home valuations
and the nation’s overall economy.
The Federal Reserve is purchasing
large quantities of agency debt and mortgage-backed
securities to provide support
to the mortgage and housing markets.
“NAR has been aggressively calling
for mortgage rate reductions, and the Fed’s
action to slash interest rates, coupled with
the actions by the Federal Housing Finance
Agency and the Department of Treasury,
has driven down interest rates to make the
dream of homeownership once again
attainable for thousands of Americans,”
said NAR President Charles McMillan.
Mortgage rates, which had averaged
6.3 percent in the third quarter, have
recently fallen into the 4 percent range in
some parts of the country. “That is the lowest
rate in nearly 50 years and will bring
By Robyn Locke,
Director of Political and Community Affairs
Fed’s Actions Creates Best Interest
Rates in Fifty Years
buyers back to the market,” McMillan said.
“We are pleased that the government heard
our message and responded to our call for
action.”
NAR has estimated that a one percentage
point decrease in mortgage rates
will increase home sales by more than
500,000 homes. “To boost the economy, it
is critical to stem the rising tide of foreclosures
and boost home buyer confidence in
the housing market.” McMillan said.
“Lower interest rates coupled with
increased foreclosure mitigation are the
key ingredients to stabilizing the housing
market and preserving communities and
homeownership.”
NAR continues to call on the federal
government to maintain the higher loan
limits passed in the economic stimulus bill
earlier this year and to expand the $7,500
tax credit for first-time home buyers to all
buyers and to eliminate the credit repayment
requirement. “Together, all of these
actions will stimulate and stabilize the
housing market and begin an overall eco-
January 15, 2009 REAL ESTATE NEWSLINE 7
nomic recovery,” McMillan said.
Increased Fees Questioned
On January 2, 2009, NAR President
Charles McMillan wrote to the Director of
the Federal Housing Finance Agency, Jim
Lockhart, to express REALTOR® concerns
about the increased fees for mortgages
purchased or securitized on or after
April 1, 2009. Director Lockhart is the federal
conservator and regulator of Fannie
Mae and Freddie Mac (the government
sponsored enterprises, or GSEs).
The letter questions whether it
makes sense, from a policy standpoint, to
increase fees considering the mission of
the GSEs to promote affordable homeownership.
It also explains NAR's concern
about the lack of any explanation of, or justification
for, the Fannie Mae decision.
NAR is urging Director Lockhart, in the
absence of a compelling justification, to
require Fannie Mae to rescind the fee
increases and to direct Freddie Mac not to
raise its fees.
Source: National Association of
REALTORS®
Stewart Title’s Matt and
Allison James-Profitt were
married in NYC December
27th. What a great way to
start off a new year and a
new life.