NAR Optimistic About FHA Reform

The National Association of Realtors is voicing optimism that Congress can pass a bill to revitalize the Federal Housing Administration's single-family insurance program this year.Last year, officials of the Department of Housing and Urban Development did not have enough time to get the Senate to pass the FHA reform package, according to NAR senior vice president David Lereah. This year, HUD has more time to work with Congress, and "HUD will be more flexible," Mr. Lereah told reporters at a briefing on the association's legislative and regulatory priorities. The NAR is also prepared to support a GSE regulatory reform bill being worked on by Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee. The NAR is particularly interested in raising the loan limits for the two government-sponsored enterprises (Fannie Mae and Freddie Mac), as well as the FHA, in high-cost areas. "We are anxious to work with Congress to make this [FHA and GSE reform] a higher priority," NAR chief lobbyist Gerald Giovaniello said. The NAR can be found online at http://www.realtor.org.