To move the country out of its economic crisis, Congress and the next administration had put significant emphasis on restoring confidence in the housing market. The housing sector is at the core of the current economic crisis and a revitalized and robust housing market is essential to generating commerce and building wealth. McMillan said he was glad to see the chairman Barney Frank Democrat Massachusetts introducing HR 384 the TARP Reform and Accountability Act. This is good news for Charlotte NC Real Estate. Many points of this bill reinforced proposed recovery plan to stimulate housing investment, mitigate foreclosures, help homeowners and provide needed liquidity to commercial mortgage markets to ensure availability. The principal 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 back TARP back on track by targeting funds for mortgage relief in the form of lower mortgage rates and reduce foreclosures in addition to eliminating repayment feature of the first-time home buyer tax credit and expanding it to all homeowners reinstating the higher mortgage loan limits for FHA, Fannie Mae and Freddie Mac. Lowering mortgage rates to a buy-down program will meaningfully impact the industry. NAR's plan also includes keeping mortgage interest rates low, boosting home buying capability and reducing the current foreclosure rate. NAR has also asked the regulators to be helpful and help financial institutions resolve problems in the short sale process, make it easier with modified existing loans, remove unreasonable underwriting guidelines and insist that agencies correct errors promptly. Low interest rates are only effective if people can get a loan McMillan said. We heard from our members that even homebuyers with good credit are having trouble getting loans. We must all work together to unclog the housing and financial system.
National Association of Realtors called on Congress to use the current TARP dollars to not only reduce interest rates but operational issues that are preventing consumers for getting and modifying home loans. These are critical steps that must be undertaken quickly if we are to right our national financial markets McMillan said. National Association of Realtors hailed the House of Representatives actions and called on the Senate to mirror adopting its proposal. National Association of Realtors also expressed hope that the new administration will help out the housing recovery as it moves forward with the larger stimulus package.