Attempts at Relief and Reform

NAR Position on FHA

Posted on Monday, July 13, 2009

The Federal Housing Administration (FHA)’s role in healthy housing markets has never been
more critical than today. As private lenders fled the market, FHA is now one of the primary sources of
safe affordable mortgage financing for American families. On behalf of the 1.2 million members of the
National Association of REALTORS®, we thank you for introducing H.R. 3146, the “21st Century FHA
Housing Act of 2009.” This bill will enable FHA to meet demand and fulfill its mission of fostering
sustainable homeownership without risk to the American taxpayer.
H.R. 3146 provides valuable technical corrections to the Housing and Economic Recovery Act of
2008 that will allow FHA to provide greater access to FHA mortgage insurance for condominium and
energy efficient mortgages. Under your bill, the FHA will be provided sufficient resources to operate
safely and effectively. These resources include funding to hire qualified staff and upgrade decades-old
technology systems. H.R. 3146 will also provide additional risk management tools to ensure taxpayer
money is not threatened, as well as flexibility for the HUD Secretary to develop innovative foreclosure
prevention programs.
The FHA single family mortgage insurance program has provided great benefits to American
families, without ever needing a Congressional appropriation. FHA borrowers pay the costs of the mutual
mortgage insurance program. FHA continues to be a stable, affordable, safe option for American families
seeking to purchase a home of their own. Your legislation will provide the FHA with the means
necessary to play this important role.
The National Association of REALTORS® strongly supports this legislation and stands ready to
work with you on its enactment.


Supporting Materials

Comments

IF ACORN HAD EDUCATED IT'S BUYERS AND HAD THEIR INCOME DOCUMENTED BY A FHA LOAN, WE WOULD NOT BE IN THIS SUB-PRIME MESS. DON'T ASK PRUDENT LENDERS TO MAKE LOANS THAT YOU WOULDN'T MAKE YOURSELF.

HARRY SCHAEFER 7/16/2009
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