Hundreds of REALTORS from nearly every Congressional District in the Country visited the Hill yesterday to press the REALTOR agenda.
I had a great dinner last night at Dino, and I am ready to forgo touristing here in DC to do my REALTOR’s political duty.
In my last post I listed the REALTOR talking points we will be presenting to legislators today.
A little bit more detail on the talking points, starting with FHA reform, taken from NAR’s materials:
Because FHA is not a player in today’s market, many borrowers were enticed by “specialty” or “non-traditional” mortgages which can pose severe risk burdens to consumers who may be unable to afford the increased mortgage payment in the future. FHA’s ability to serve the market has dwindled because its loan limits, downpayment requirement, and limited uses have rendered the program unusable for many prospective home buyers. REALTORS favor increasing FHA loan limits, reform and restructure of rigid downpayment requirements, and a re-working of outdated FHA owner/occupancy and documentation for condos. While condos are a viable alternative to stand-alone single family homes, FHA rules make it difficult to buy one, in many cases.
In light of the reign of the predatory lenders for a few years there, FHA reform is logical as well as progressive.
If you get to DC, check out the Renwick Gallery (part of the Smithsonian collection). I hope to get by there during this visit.
I am in Washington, DC at the National Association of REALTORs Midyear meeting. The electricity of politics is in the air, and although this is one of my favorite tourist towns, instead of spending half a day tomorrow in the Air and Space Museum, I will join my fellow REALTORS on Capitol hill lobbying our Senators and Representatives. Major talking points:
1. FHA Reform
2. GSE (Government Sponsored Enterprises) Reform – You have heard of our quasi-governmental cousins Fannie Mae and Freddie Mac, of course
3. Homebuyer Tax Credits
4. National Flood Insurance Program
5. Affordable Property and Casualty Insurance
6. Small Business Health Insurance
More details, and tourist pictures later… I have to go deep into the ground to catch a quiet, fast train.