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2011 NAR Legislative and Regulatory Year in Review

2011 NAR Legislative and Regulatory Year in Review

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Published by REALTORS®
During 2011, the REALTOR® Legislative and Regulatory Agenda has focused on ensuring the continued flow of capital into the real estate market, preserving residential and commercial property ownership, and protecting the business interests of its members. NAR has made significant progress on all fronts.
During 2011, the REALTOR® Legislative and Regulatory Agenda has focused on ensuring the continued flow of capital into the real estate market, preserving residential and commercial property ownership, and protecting the business interests of its members. NAR has made significant progress on all fronts.

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Published by: REALTORS® on Dec 16, 2011
Copyright:Traditional Copyright: All rights reserved

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02/07/2012

 
NAR Legislative & RegulatoryYear in Review
 
★★★★★★★★★
 2011
 
As the largest proessional trade association in the United States, the NATIONALASSOCIATION OF REALTORS
®
represents nearly 1.1 million members involvedin all acets o residential and commercial real estate as brokers, salespeople,property managers, appraisers and counselors. NAR advocates policy initiativesthat will result in the return o a undamentally sound and dynamic U.S. realestate market ostering vibrant communities in which to live and work.During 2011, the REALTOR
®
Legislative and Regulatory Agenda has ocused onensuring the continued ow o capital into the real estate market, preservingresidential and commercial property ownership, and protecting the businessinterests o its members. NAR has made signifcant progress on all ronts.The issues highlighted here represent just a portion o the advocacy activityconducted on behal o REALTORS
®
. To view the ull list o issues NAR isworking on, please visit
www.realtor.org/politicaladvocacy 
.
*Note that items in this brochure were current as of October 2011.
Located just one block rom theU.S. Capitol, the headquarters othe NATIONAL ASSOCIATION OFREALTORS
®
is perectly positionedto make REALTORS
®
’ voices heardin Washington, D.C.NAR’s sta uses this physicalproximity and its long-standingrelationships with legislatorsto work closely with Congressand regulatory agencies to pushorward issues that beneftREALTORS
®
, the real estateindustry and consumers.
 
ENSURING THE FLOW OF CAPITAL INTO THE REAL ESTATE MARKET
RESTRUCTURING THE SECONDARY MORTGAGE MARKET(FANNIE MAE/FREDDIE MAC — THE GSEs)
Building upon the recommendations developed by NAR’s GSE Presidential Advisory Group (PAG), NAR has strongly advocated or an ongoing level o government participation in any eorts to enact comprehensivesecondary mortgage market reorm. Legislative reorm proposals introduced in 2010, however, had primarily ocused on ull privatization. In 2011, two comprehensive bills that include some level o governmentparticipation in the secondary mortgage market were introduced. H.R. 1859, the “Housing Finance Reorm Act o 2011,” sponsored by Reps. John Campbell (R-CA) and Gary Peters (D-MI), was introduced in June 2011; H.R. 2413, the “Secondary Market Facility or Residential Mortgages Act o 2011,” sponsoredby Reps. Gary Miller (R-CA) and Carolyn McCarthy (D-NY), was introduced in July 2011. While NAR  worked with both bill authors and supports both bills, H.R. 2413 was directly derived rom the principles andrecommendations developed by the NAR GSE PAG. Perhaps most importantly, with the introduction o thesetwo measures, the debate over reorm o the secondary market has shited away rom one ocused on rapidand total privatization o the GSEs to a more careul conversation on the need or continued governmentinvolvement. NAR continues to diligently advocate or the REALOR® recommendations to the Obama Administration, and our Industry Partners via ace-to-ace meetings, participation in housing nancesymposiums and responses to request or input rom the government.
COVERED BONDS
On June 22, 2011, the U.S. House Financial Services Committee passed H.R. 940, the “United StatesCovered Bond Act o 2011” (Reps. Garrett (R-NJ) and Maloney (D-NY)). Te bill would create a ramework to establish a covered bond market in the United States. NAR sent a letter in support o the bill and signed aletter with 13 other organizations supporting passage o the legislation. Te creation o a covered bond marketcould provide an additional source o capital and improve liquidity or the commercial and residential realestate industries.
FHA CONDOMINIUM RULES
On May 6, 2011, a coalition put together by NAR, including the Community Associations Institute(CAI), the Institute or Real Estate Management (IREM), and the National Association o Home Builders(NAHB), sent a letter to acting Federal Housing Administration (FHA) Commissioner, Bob Ryan. Tecoalition recommends changes to FHA’s condominium rules to provide greater liquidity to this sector o thereal estate market without causing additional risk to the FHA insurance und. In a meeting with the ActingCommissioner, the Coalition outlined support or enhancements to the rules and limits relating to (1) owner-occupancy, (2) FHA concentration, (3) investor ownership, (4) presale, (5) delinquent HOA assessmentsand (6) commercial space.On July 1, 2011, new condominium rules were implemented or mortgages insured by FHA. Te temporary measures on owner-occupancy, FHA concentration and presale were made permanent, which NAR and theCoalition believes are good rst steps in addressing the lack o liquidity available or condominiums. NAR is working with the Coalition or more enhancements to the condominium rules.

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