The National Association of Realtors clarifies its position on the HVCC & petitions – is working a bi-partisan bill to place an 18 month moratorium on the process.
Many of our members have had questions lately about NAR’s position on the HVCC and on the petitions circulating around the internet. Given the unintended consequences the HVCC ruling has fostered, this sounded like an effort NAR might get behind. Well, NAR has heard those questions and in this brief position paper outlines a program the Realtor Party is working on to address the problem.
Many of our state and local association partners have been asked to sign an electronic petition to New York Attorney General Andrew Cuomo, Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency (FHFA) requesting a permanent reversal of the Housing Value Code of Conduct.
NAR is not providing any direction regarding these petitions. While the petition signatures may help raise the profile of the issue, NAR remains concerned about the accuracy of some of the petition claims. NAR worked with Congressmen Travis Childers (D-MS) and Gary Miller (R-CA) to craft HR 3044, a bill to place an 18 month moratorium on the implementation of the HVCC. The bill currently has 54 co-sponsors and NAR is actively seeking additional co-sponsors for the legislation.