Charles McMillan on "Accountability" - What a Joke
Realtors(R) Reiterate Keys to Housing Recovery
WASHINGTON, Jan. 13 /PRNewswire/ -- To move the country out of this economic crisis, Congress and the next administration must place significant emphasis on restoring confidence in the housing market. That's what National Association of Realtors President Charles McMillan told the House Financial Services Committee in testimony today.
"The housing sector is at the core of the current economic crisis," Charles McMillan said. "A renewed, revitalized and robust housing market is essential to generating commerce and helping families build wealth."
Charles McMillan congratulated Chairman Barney Frank, D-Mass., on H.R. 384, the TARP Reform and Accountability Act, which was introduced last week. Many points in this bill reinforce NAR's proposed recovery plan to stimulate housing investment, mitigate foreclosures, help current homeowners, and provide needed liquidity to commercial mortgage markets to ensure that financing is available.
The principle focus of NAR's plan is to ensure that the Troubled Asset Relief Program does what it was originally intended to do - end the credit crisis and jumpstart mortgage lending. "It is imperative to get TARP back on track by targeting funds for mortgage relief, which will help lower mortgage rates and reduce foreclosures," said Charles McMillan. "In addition, eliminating the repayment feature of the first-time home buyer tax credit and expanding it to all home buyers; reinstating the higher mortgage loan limits for FHA, Fannie Mae and Freddie Mac; and lowering mortgage interest rates through a buy-down program will meaningfully impact the housing industry."
"We are pleased that Congress is moving forward on these important issues. Together these actions will build a solid foundation for a housing recovery," said Charles McMillan.
NAR's plan also includes keeping mortgage interest rates low, boosting home buyer confidence, and reducing the current foreclosure rate. NAR has also asked that regulators be encouraged to help financial institutions resolve problems in the short-sale process, make it easier for servicers to modify existing loans, remove unreasonable underwriting guidelines and insist that credit reporting agencies correct errors promptly.
"Low interest rates are only effective if people can get a loan. We hear every day from our members that even home buyers with good credit are having trouble getting mortgage loans. We must all work together to unclog the housing and financial system," said Charles McMillan.
NAR called on Congress to use current TARP dollars to not only reduce interest rates, but also fix operational issues that are preventing consumers from getting or modifying home loans. "These are critical steps that must be undertaken quickly if we are to right our nation's housing and financial markets," McMillan said.
NAR hailed the House of Representatives' actions and called on the Senate to move quickly in adopting its proposal. NAR also expressed hope that the new administration will focus on a housing recovery as it moves forward with a larger stimulus package.
The National Association of Realtors(R), "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.
http://sev.prnewswire.com/real-estate/20090113/DC5861713012009-1.html
Keep in Mind that Realtor, NAR put these press releases out their self. They pay and they submit this PR to get their Agenda Out. NO problem, many do this - it is a great tool for marketing. Just keep in mind that it is not public opinion or necessarily fact but Media put out by the National Association of Realtors
Realtors NEED to BUTT OUT.. they say that Realtors, NAR is the Voice of Real Estate and that you May NOT use the Word Realtor in Place of Real Estate Agent, however, they are the only Real Estate Agent - Broker -Association that is Speaking Out.. Loudly to Push their Agenda. The Realtors have more money to fight for the Realtor Agenda then does the Real Estate Agent. The Consumer thinks that a Realtor is a Real Estate Agent. NAR needs to lay down their "voice of real estate' and instead do what is right for the consumers.
They will NEVER do this or they are irrelevant. NAR is desperately fighting, scratching and crawling to stay relevant in this New Media, this Online Digital World. And now more then any other point in time, it is easy - free and best for the Real Estate Consumer to NOT use a Realtor in their Real Estate Transaction. Get Real Estate Advice yes.. but NEVER get real estate advice from someone who is only PAID if you Close the Deal. I mean How Objective DO you Really think they can Possibly Be ?
Using a Realtor can Give you Less Protection then any other way, even the Simplest FSBO Form, or the Dangers of a Quit Claim are better then using a Realtor. Once you sign with a Realtor, ALL your protection is OUT THE WINDOW because they have Special Provisions, the Realtors are Cushioned from the Law and they DO NOT have to Tell You the Truth. It is Just the Way it Works Folks.
One More NOTE to this Article: it is so Funny - Ironic and Stunning to hear the President of the National Association of Realtors, the Supposed "Voice of Real Estate" Speak in Favor of Accountability when the Realtors HAVE no Accountability and Do not Push in ANY way for the Realtors to Have Accountability. Nor are the Realtors - NAR in any way admitting to their part in the fiancial mess that the United States is in and here they are ACTING like they are Pro-Accountability... BULL...
Crystal L. Cox
Broker Owner
Real Estate Whistleblower
