NAR happy with FHA service during economic crisis
Dec 5 2011 5:00PM
The National Association of Realtors announced that they are happy with efforts made by the Federal Housing Administration mortgage insurance program and says they have a vital role in the nation's housing financing system. Members of NAR believe in the importance of the program and applaud FHA for continuing to help hard workers who are trying to buy a home, especially during hard economic times.
"FHA has insured loans for more than 37 million families since 1934 and ensures access to safe and stable mortgage financing in all markets, particularly in recent years when private financing evaporated," said NAR president, Moe Veissi.
He also praised FHA for its financial stability, which continues to have resources including $2.5 billion in cash reserves, but to ensure continued strength and availability, NAR recommends legislation step in. Enhancements to condominium rules and the continuation of reinstated loan limits will ensure adequate liquidity to help with the recovery of the housing market and the overall economy.
