Earlier this month, the National Association of REALTORS® (NAR) issued a report on its legislative and policy accomplishments in 2007.
- Fannie Mae and Freddie Mac Reform: The House of Representatives approved legislation that, among other things, increases the conforming loan limit in designated high-cost areas. Pending legislation could make California a “high-cost” state and raise the conforming loan limit from $417,000 to $625,000. This change could spur home sales and another re-finance boom in California, and specifically in our local Pleasanton market.
- FHA Reform: NAR successfully supported legislation that lowers the down payments for FHA-backed loans and increases loan limits. NAR also supported FHA’s decision to waive its requirement that a homeowner’s mortgage be current to refinance into an FHA loan product. NAR also worked with the Department of Housing and Urban Development on FHASecure, a new program that assists borrowers who are in default-to qualify for refinancing.
- Mortgage Reform: The House of Representatives approved legislation to reform mortgage and anti-predatory lending practices and creates a nationwide licensing registry for mortgage loan originators.
- In 2008, NAR will work to increase the conforming loan limits in mortgage markets nationwide. NAR also successfully urged the Office of Federal Housing Enterprise Oversight (OFHEO) not to reduce the conforming loan limits for 2008.
