NAR Statement on President Bush’s Domestic Budget Proposals

Published: February 8, 2007

<table width="507"><tbody><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><b><table width="507"><tbody><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><b><table width="507"><tbody><tr><td class="itemheader"><span style="FONT-WEIGHT: 900; FONT-SIZE: 14px; MARGIN-BOTTOM: 3px; PADDING-BOTTOM: 3px; COLOR: #003399; PADDING-TOP: 3px; FONT-FAMILY: Arial, Helvetica, sans-serif"><b></b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">President Bush delivered a proposed fiscal year 2008 budget proposal to Congress earlier this week. In response, NAR President Pat Vredevoogd Combs released the following statement: &quot;A strong real estate industry is vital to our country's economic health. We are pleased that President Bush has made FHA and government-sponsored enterprise reform key components of his housing proposal. FHA modernization will help many American's achieve the dream of homeownership. Potential homebuyers need affordable alternatives to higher costs loans. Making FHA loans once again a viable alternative will significantly impact homeownership, especially for first-time homebuyers. The GSEs (Fannie Mae, Freddie Mac) also play a vital role in the housing market. A strong regulator will ensure their safety and soundness. In addition, higher conforming loan limits can help people in higher cost areas realize an affordable mortgage. Other enhancements will ensure that the flow of mortgage credit remains efficient. While we are disappointed with the proposals calling for reductions and fee increases in other vital housing programs, NAR will work with Congress and the administration to ensure housing opportunities and homeownership remain attainable for all Americans. The housing sector directly contributed nearly $2.1 trillion to the national economy in 2006, serving as the major force for U.S. economic activity. NAR looks forward to working with Congress during consideration of the president's FY2008 budget proposals.&quot; </td></tr></tbody></table></b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">President Bush delivered a proposed fiscal year 2008 budget proposal to Congress earlier this week. In response, NAR President Pat Vredevoogd Combs released the following statement: &quot;A strong real estate industry is vital to our country's economic health. We are pleased that President Bush has made FHA and government-sponsored enterprise reform key components of his housing proposal. FHA modernization will help many American's achieve the dream of homeownership. Potential homebuyers need affordable alternatives to higher costs loans. Making FHA loans once again a viable alternative will significantly impact homeownership, especially for first-time homebuyers. The GSEs (Fannie Mae, Freddie Mac) also play a vital role in the housing market. A strong regulator will ensure their safety and soundness. In addition, higher conforming loan limits can help people in higher cost areas realize an affordable mortgage. Other enhancements will ensure that the flow of mortgage credit remains efficient. While we are disappointed with the proposals calling for reductions and fee increases in other vital housing programs, NAR will work with Congress and the administration to ensure housing opportunities and homeownership remain attainable for all Americans. The housing sector directly contributed nearly $2.1 trillion to the national economy in 2006, serving as the major force for U.S. economic activity. NAR looks forward to working with Congress during consideration of the president's FY2008 budget proposals.&quot; </td></tr></tbody></table></b></span></td></tr><!– Story –><tr><td class="blacktext" width="500">President Bush delivered a proposed fiscal year 2008 budget proposal to Congress earlier this week. In response, NAR President Pat Vredevoogd Combs released the following statement: &quot;A strong real estate industry is vital to our country's economic health. We are pleased that President Bush has made FHA and government-sponsored enterprise reform key components of his housing proposal. FHA modernization will help many American's achieve the dream of homeownership. Potential homebuyers need affordable alternatives to higher costs loans. Making FHA loans once again a viable alternative will significantly impact homeownership, especially for first-time homebuyers. The GSEs (Fannie Mae, Freddie Mac) also play a vital role in the housing market. A strong regulator will ensure their safety and soundness. In addition, higher conforming loan limits can help people in higher cost areas realize an affordable mortgage. Other enhancements will ensure that the flow of mortgage credit remains efficient. While we are disappointed with the proposals calling for reductions and fee increases in other vital housing programs, NAR will work with Congress and the administration to ensure housing opportunities and homeownership remain attainable for all Americans. The housing sector directly contributed nearly $2.1 trillion to the national economy in 2006, serving as the major force for U.S. economic activity. NAR looks forward to working with Congress during consideration of the president's FY2008 budget proposals.&quot; </td></tr></tbody></table>


Last modified: February 8, 2007 at 8:50 am | Originally published: February 8, 2007 at 8:50 am
Printed: September 22, 2020