RISMEDIA, March 6, 2009-Following President Obama’s announcement of his “Making Home Affordable Plan, National Association of Realtors® President Charles McMillan stated the following:
“NAR’s 1.2 million members are eager to help make President Obama’s Making Home Affordable plan a reality. We are pleased that the president released the guidelines today for refinancing and mortgage loan modifications and that the guidelines will be implemented immediately to help struggling homeowners as well as millions of eligible homeowners who have stayed current in their mortgage payments.
“Housing stabilization must be the key component of any federal recovery plan. Helping families keep their homes is critical to this effort and for the health of our economy and communities across the country.
“NAR has long called for a multipronged approach to address the housing and economic crisis. Allowing eligible homeowners to refinance or modify their loans will help millions of families avoid foreclosure. This in turn will support the housing recovery by slowing the growth in inventory due to foreclosures. Lowering unsold inventory will help stabilize home prices and values. We believe that the incentives the loan modification plan offers to borrowers and loan servicers will encourage additional loan modifications, reducing the default rate.
“Moving forward, we must not only work to prevent foreclosures, but also bring financially healthy home buyers to the market to further reduce unsold inventory. Toward this end, we hope that the president and his administration will continue to look for new and creative approaches that will lower interest rates for all homeowners and buyers.”
For more detailed information on the Making Home Affordable plan, visit www.financialstability.gov.