NAMB Fights for You
November 3, 2009
GSE Loan Limits Extended
On October 29, 2009, the House and Senate passed legislation to extend government sponsored enterprises (GSEs) loan limits until December 31, 2010. Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA) can back loans as large as $729,750. President Obama is expected to sign the legislation soon. NAMB has advocated the extension of these loan limits in House and Senate testimony and letters to Congress.
NAMB Supports Extension of First-Time Homebuyer Tax Credit
On November 2, 2009, NAMB sent a letter to the House of Representatives and the Senate requesting that they support the extension of the $8,000 First-Time Homebuyer Tax Credit. H.R. 3640, introduced by Representative Travis Childers (D-MS), would expand the tax credit to be made available for all prospective homebuyers, and allow for a one year extension of the program, changing the sunset date to December 1, 2010. NAMB supports any legislation in the Senate that would seek to extend the program. Click here for a copy of the letter sent to the House of Representatives. Click here for the letter sent to the Senate.
NAMB CEO Quoted in HVCC Article
On October 31, 2009, NAMB CEO was quoted in an article by syndicated columnist Ken Harney entitled, "Home appraisal system could be dustbin-bound." The article highlighted the amendment attached to H.R. 3126 that calls for the Home Valuation Code of Conduct (HVCC) to be terminated early in the existence of a proposed new Consumer Financial Protection Agency. The amendment would require the agency's director to replace the code with an improved set of rules developed through the regular administrative procedures, with public comment periods, used by all federal agencies.
DeLoach was quoted as saying that the current effect of the HVCC "is that we now have a dysfunctional system that's holding back the housing recovery. Incompetent, low appraisals not only hurt individual sales, but depress property values in entire neighborhoods unfairly."
DeLoach also stated that NAMB will continue to fight the HVCC even if H.R. 3126 is not signed into law. "...a major committee of Congress has now sent a clear message" to Fannie and Freddie: "Your appraisal code is not acceptable."
For a full copy of the article, click here.
YSP Webinar Video Available
Please visit www.namb.org/YSPWebinar to view NAMB's webinar on YSP and Originator Compensation.
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