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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

REALTORS® take agenda to Capitol Hill

The National Association of REALTORS®

A sound and dynamic real estate industry encourages strong communities and sustains and stimulates the national economy, and lawmakers must address pressing issues such as affordable housing, mortgage lending and separation of commerce and banking to ensure the industry’s continued health and vitality.

That is the message more than 8,000 REALTORS® delivered to Congress during the National Association of REALTORS® Midyear Legislative Meetings & Trade Expo.

During their meetings with members of Congress, REALTORS® urged action on important housing finance issues such as modernizing the Federal Housing Administration, reforming government-sponsored enterprises, establishing stronger responsible lending principles, and eliminating the “phantom tax” on foreclosures and short sales. Other key legislative priorities are securing affordable health insurance for small business owners, protecting consumers from the risks of mixing banks and commerce, and continuing federal tax policies that support homeownership.

“REALTORS® are in the business of building communities — our clients and customers are our friends and neighbors,” said NAR President Pat V. Combs of Grand Rapids, Mich., vice president of Coldwell Banker-AJS-Schmidt. “When qualified home buyers can’t afford a home, or when families fall behind on rising mortgage payments, REALTORS® must speak out on their behalf.”

The House is moving soon on a number of key housing finance bills that directly affect the real estate industry. The full House is expected to consider H.R. 1427, regulatory reform legislation for GSEs. REALTORS® strongly support reform legislation that would allow regional adjustments to conforming loan limits in high-cost housing markets. The bill also provides other reforms that will strengthen the housing industry and help many families realize their dreams of homeownership.

REALTORS® also asked their elected officials to support H.R. 698, The Industrial Bank Holding Company Act of 2007. This legislation will maintain the long-supported national policy prohibiting the mixing of banking and commerce.

The Community Choice in Real Estate Act, H.R. 111, for the House and S. 413 for the Senate, has been gaining momentum and remains a priority for Realtors®. Currently H.R. 111 has 223 cosponsors, and S. 413 — the companion bill in the Senate — has 20 co-sponsors. After five years of one-year bans that prevented banks from engaging in real estate brokerage or development, this bill will make the ban permanent. REALTORS® are optimistic that the bill will be passed, preserving competition in real estate and protecting the nations financial security.