Realtors push mortgage reform

WASHINGTON – May 6, 2009 – Homebuyers must be protected against mortgage lending abuses but still have access to affordable mortgages. Toward this end, the National Association of Realtors® today expressed its support of H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009.

“Realtors have a strong stake in preventing abusive lending for many reasons. Beyond the devastating impact on individuals and families, abusive lending erodes confidence in the nation’s housing system, and entire communities are harmed whenever abusive lending strips equity from homeowners,” says NAR President Charles McMillan.

Realtors established a set of “Responsible Lending Principles” in 2005 to protect consumers in the housing market.

“After years of sharing our Responsible Lending Principles with Congress, NAR is extremely pleased that H.R. 1728, which embodies these principles, is set to be voted on this week,” McMillan says.

In a letter to Congress, NAR expressed strong support for the bill, including its measures to ensure that all mortgage originators act in good faith, and that all parties in a real estate transaction are treated honestly.

“On behalf of our members and consumers nationwide, NAR is committed to ending abusive and predatory lending practices and will continue to advocate sound, responsible legislation,” says McMillan. “We urge quick passage of this bill and swift implementation of penalties to those who dare to act dishonestly.”

© 2009 FLORIDA ASSOCIATION OF REALTORS®

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