WASHINGTON, DC — Today, the National Association of Realtors (NAR) announced a new GSEs plan to convert Fannie Mae and Freddie Mac into shareholder-owned utilities with a regulated and reliable rate of return. The plan calls for supporting the affirmative obligations as directed in the Housing and Economic Recovery Act (HERA), including the Enterprise housing goals, Duty to Serve mandates and dedicated funding to the Capital Magnet Fund and Housing Trust Funds.
Jesse Van Tol, CEO of the National Community Reinvestment Coalition (www.ncrc.org), made the following statement:
“We applaud the significant contribution of NAR to the housing finance reform discussion. Among other features, the plan promotes broad access to affordable mortgage credit and recognizes how essential the affordable housing goals and other duties to serve are to ensuring that low- and moderate-income and minority borrowers and communities have access.
“Coming after last week’s plan from Senate Banking Committee Chairman Mike Crapo, this is a welcomed move in the right direction.”