NAR PRESIDENT WILL FIGHT FOR INDUSTRY AND HOMEBUYERS
INDUSTRY NEWS, SHASTA COUNTY
October 25th, 2008
Dick Gaylord, President of the National Association of Realtors (NAR), gave a keynote speech to 
California Realtors at Saturday morning’s Board of Directors meeting in Long Beach, the town where he lives and works. He said he will be part of a task force that will provide input for restructuring GSE’s (Fannie Mae and Freddie Mac), rule changes for FHA, VA, Cal Vet and conventional loan underwriting and implementing other elements of HR 3221. Other issues they will be focusing on include:
- Eliminating the obligation to repay the $7,500 tax credit provided to first-time home buyers under HR 3221. NAR also wants this extended to reward all home buyers who make a decision to buy during these uncertain times.
- Make higher loan limits permanent. Under HR 3221 loan limits have been temporarily raised to help homeowners refinance out of risky adjustable loans.
- Keep banks out of real estate. For many years now, banks have pushed for law changes to allow them to handle real estate sales. This crisis should end that debate once and for all!
- Require banks to develop loan programs that help first-time buyers attain the goal of home ownership. Currently, banks have tightened credit to such a degree, prospective home buyers with good jobs, credit and down payments are being locked out of home ownership.
Realtors at the local, state and national level will work toward policies that will help stabilize the national housing market. Clearly, this housing crisis has proven the housing industry is the backbone to this country’s economy. We can not have a healthy economy without a healthy housing market.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL ESTATE PROFESSIONALS GMAC
QUARTER CENTURY LOCAL REAL ESTATE EXPERIENCE
