Statement from NAR President Mendenhall Regarding Fannie, Freddie Profits

Washington, D.C. – May 2, 2018 (nar.realtor) Government-sponsored enterprises Fannie Mae and Freddie Mac both reported multi-billion dollar profits this week. NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty issued the following statement calling on the Federal Housing Finance Agency to reduce the fees the GSEs charge to lenders and homebuyers:

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“The National Association of Realtors® urges government-sponsored enterprises Fannie Mae and Freddie Mac to reduce the credit risk guarantee fees, or g-fees, charged to lenders and the upfront loan leveling pricing adjustments, or LLPAs, charged to consumers.

“FHFA’s current fee policies are resulting in billions of dollars of profits for the enterprises. Realtors® believe that fees should reflect the enterprises’ newly lower corporate tax rate, preserve the current target rate of return and be used only to protect taxpayers against enterprise-related losses. High fees should not be used to pay Wall Street-like returns to the U.S. Treasury and fund general government spending.

“We continue to urge (link is external) FHFA to act quickly and reduce g-fees and LLPAs, as continued high fees only reduce access to mortgage credit and raise the costs of homeownership at a time when home prices and mortgage rates are also rising.”

The National Association of Realtors® is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Statement from NAR President Elizabeth Mendenhall Regarding S.2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act”

Washington, D.C. – March 13, 2018 (nar.realtor) The U.S. Senate is considering S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, and the National Association of Realtors® showed its support with a letter (link is external) to Senate leadership.

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NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty, praised the legislation and issued the following statement:

“The Economic Growth, Regulatory Relief, and Consumer Protection Act contains some favorable provisions for the housing industry, including expanding Fannie Mae and Freddie Mac’s use of alternative credit scoring models; holding Property Assessed Clean Energy, or PACE, loans more accountable; and improving access to manufactured housing, as well as easing credit through reduced regulatory burdens on smaller community banks and credit unions.”

“Realtors® believe that financial regulations needs to be balanced with appropriate consumer protections, and we believe this bill achieves that goal; we urge Congress and the administration to enact S. 2155 into law.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Statement from NAR President Elizabeth Mendenhall about HUD’s Possible Changes to its Mission Statement

Washington, D.C. – March 8, 2018 (nar.realtor) National Association of Realtors® President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty, issued the following statement regarding the Department of Housing and Urban Development’s potential plans to remove anti-discrimination language from its current mission statement:

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“As Realtors® join with our industry partners, allies and consumers throughout 2018 to commemorate the 50th anniversary of the Fair Housing Act, we believe that fair housing for all should remain a core part of HUD’s mission. The Fair Housing Act provides that HUD will enforce the Act and administer its programs and activities in a manner that affirmatively furthers fair housing. When President Lyndon B. Johnson signed the Fair Housing Act into law, he exclaimed that fair housing for all – all human beings who live in this country – is now a part of the American way of life.

“Not only is Fair Housing integral to the ethical commitment of our members, as outlined in the REALTOR® Code of Ethics, it is critical to our ability to serve our customers, clients and the community. We look forward to continuing our work with HUD to advocate for inclusive sustainable communities free from discrimination.”

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