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The future of housing finance in the U.S. will be a key issuefacing the winner of the upcoming presidential election. That'swhat a panel of industry experts told several thousand Realtors ® gathered at a symposium, Housing Policy in 2013: Challenges, Opportunities and Solutions, during the Realtors® Midyear Legislative Meetings & Trade Expo . The National Association of Realtors ® supports a comprehensive reform strategy for the secondarymortgage market to help maintain a level of certainty in themarketplace and not further disrupt the still fragile housingmarket recovery. "As leading advocates for homeownership, Realtors ® want to make sure that everyone who wants to own a home and isable to afford one can do so," said NAR President Moe Veissi,broker-owner of Veissi & Associates Inc., in Miami. "Without asecondary market, mortgage interest rates would be unnecessarilyhigher and unaffordable for many Americans, and products like the30-year fixed-rate mortgage would likely be inaccessible for mostborrowers." During the symposium, Federal Housing Finance Agency ActingDirector Ed DeMarco noted progress made toward recovery, butcautioned that more remains to be done. "We all are cautiously optimistic that the signs of stabilization,and in some places, strength, that have begun to emerge in varioushousing markets are true signals that a long-awaited recovery istaking place," said DeMarco. "While FHFA will keep its focus onforeclosure alternatives, refinancing, and ongoing liquidity in themarketplace, it is time for policymakers to begin work in earneston the future housing finance system." DeMarco outlined several public policy goals to ensure a moreeffective and efficient housing finance system, including buildinga new infrastructure for the secondary mortgage market;establishing standards that promote a safer and more efficienthousing finance system; and increasing private capital whileretracting government participation in the secondary mortgagemarket. FHFA assumed conservatorship of the government-sponsoredenterprises Fannie Mae and Freddie Mac in 2008, and DeMarco saidthe entities have played a critical role in ensuring access tomortgage capital following the market downturn when private lendersleft the market. Since 2008 the GSEs have bought or guaranteedapproximately 75 percent of mortgages originated in the country. DeMarco noted that FHFA has completed more than 1 million loanmodifications since 2008 and helped millions more families avoidforeclosure through a short sale, deed-in-lieu or otheralternative. He said changes to the agency's refinancing programhas created more opportunities for homeowners who current butunderwater on their mortgages to take advantage of low interestrates and refinance into more affordable terms. Also speaking at the symposium was Federal Housing AdministrationCommissioner and Assistant Secretary for Housing Carol Galante."Future generations deserve the same home buying opportunities aspast generations," said Galante. Toward that end, Galante noted that FHA helped ensure access tosafe, affordable financing in the absence of private marketinvolvement following the economic downturn. She said the agency isworking to preserve its mission of providing liquidity whileensuring its continued viability, and has increased premiums tocompensate for losses that resulted from increased foreclosures.Galante said the long-term financial health of the agency looksgood and that loans originated in recent years are performing well. Following Galante's speech, a panel of industry experts debated thefuture of the GSEs and the government's role in promoting theAmerican dream of homeownership. Moody's Analytics Mark Zandi identified an uncertain regulatoryenvironment as a key issue facing the industry. After rules likethe Qualified Mortgage (QM) and the Qualified Residential Mortgage(QRM) are defined, private participation in the market mightincrease. Zandi warned however, that without a government backstopthere would be no 30-year fixed-rate mortgage, which most consumerscurrently use to finance home purchases. Wharton School of Business Professor Susan Watcher agreed thatthere is tremendous uncertainty in the market about the future ofhousing finance and suggested that policymakers lack a clearvision. She said that without the right system in place, thecountry could face a similar market downturn in the future. The National Association of Realtors ® , "The Voice for Real Estate," is America's largest tradeassociation, representing 1 million members involved in all aspectsof the residential and commercial real estate industries. Information about NAR is available at . News releases are posted in the website's "News and Commentary"tab. The National Association of Realtors ® supports public policies and policymakers who support the positionsof Realtors ® and their clients and customers on private property rights, housingissues and homeownership, regardless of political partyaffiliation. For further information contact: Sara Wiskerchen 202-383-1013 Email Contact. The e-commerce company in China offers quality products such as Large Format Solvent Printer , CNC Engraving Router, and more. For more , please visit Large Format Solvent Printer today!
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