FHA Home Modification Program Will Help Thousands of Homeowners, Say Realtors(R)

WASHINGTON, DC, Jul 30 (MARKET WIRE) --
The following is a statement by National Association of Realtors(R)
President Charles McMillan:

"NAR would like to congratulate and thank Department of Housing and Urban
Development Secretary Shaun Donovan and Federal Housing Administration
Commissioner Dave Stevens for implementing the FHA-Making Home Affordable
Loan Modification Program. This newly enhanced program will help
struggling homeowners who qualify to significantly reduce their monthly
mortgage payments and keep the home they worked so hard to obtain.

"As Secretary Donovan noted, this is another tool the federal government
is providing to help homeowners avoid foreclosures by making mortgage
payments more affordable. These changes expand the Obama administration's
Making Home Affordable Loan Modification Program to include FHA
borrowers, and Realtors(R) are optimistic that this will have positive
implications for thousands of homeowners.

"Until foreclosures have been significantly reduced and housing inventory
reaches a more normal level, there can be no true housing recovery. The
FHA-HAMP program will go a long way in achieving these important goals by
helping FHA servicers bring mortgages current, buy down loans by up to 30
percent of the unpaid principal balance, and defer these amounts until the
first mortgage is paid off.

"The actions taken over the past several months are beginning to help
stabilize the housing market. Now, helping more families stay current on
their mortgage and remain in their homes will reduce the impact of
foreclosures on families and communities.

"Moving forward, NAR will continue to call on Congress and the Obama
administration to expand the first-time home buyer tax credit to all home
buyers and to continue efforts to streamline the short-sale process. Along
with the expanded loan modification program, addressing these issues will
help reduce foreclosures and housing inventory, and stabilize home
values."

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 in the Web site's "News Media" section in the NAR
Media Center.

REALTOR(R) is a registered collective membership mark which may be used
only by real estate professionals who are members of the NATIONAL
ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not
all real estate agents are REALTORS(R). All REALTORS(R) are members of
NAR.

For further information contact:
Mary Trupo
202/383-1007
Email Contact

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