Realtors(R) See Senate Stimulus Bill as Step Toward Housing and Mortgage Market Stabilization

Realtors(R) See Senate Stimulus Bill as Step Toward Housing and Mortgage
Market Stabilization

WASHINGTON, May 20 /PRNewswire-USNewswire/ -- The National Association of
Realtors(R) expressed appreciation to Senate Banking Committee Chairman
Christopher Dodd, D-Conn., and Ranking Member Richard Shelby, R-Ala., for
their efforts to bring forth a bipartisan bill that can bring stability to the
housing market and help stem the rising rate of foreclosures. Today, the
committee voted to pass the Federal Housing Finance Regulatory Reform Act of
2008.

"Our 1.2 million Realtor(R) members appreciate the hard work and commitment of
the Senate Banking Committee in advancing legislation that will help people
buy and keep their homes," said NAR President Richard Gaylord, a broker with
RE/MAX Real Estate Specialists in Long Beach, Calif.

NAR expressed ongoing support for all the major features in the housing
package passed earlier this month by the U.S. House of Representatives, and
for the government-sponsored enterprise (GSE) reform (Fannie Mae and Freddie
Mac) and Federal Housing Administration foreclosure prevention measure
included in the Senate bill.

"We are pleased with the overall direction of this bill," Gaylord said. "As
Senators Dodd and Shelby noted, this legislation is good for both the housing
market and the homeowner. However, we continue to strive for permanent
increases to the conforming loan limits at the higher level passed by the
House. This truly would be good for current and future homeowners."

Realtors(R) have long advocated reform of Fannie Mae and Freddie Mac, as well
as permanent loan limit increases for the GSEs and FHA. "This legislation,
reforming the Fannie Mae and Freddie Mac and creating a refinancing program
designed to stem foreclosures, should help thousands of families refinance
existing mortgages and keep their homes," said Gaylord.

"We look forward to working with the House and Senate to finalize an
aggressive bill that will ensure that every American who can afford to own a
home and aspires to do so will have that opportunity, and that every American
who responsibly owns a home is able to keep it," said Gaylord.

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.

Information about NAR is available at www.realtor.org. This and other news
releases are posted on the Web site's "News media" section in the NAR Media
Center.

SOURCE National Association of Realtors

Mary Trupo of NAR, +1-202-383-1007, mtrupo@realtors.org