Realtors® Push Mortgage Reform

WASHINGTON, May 05, 2009

Home buyers must be protected against mortgage lending abuses while being assured of access to affordable mortgages. Toward this end, the National Association of Realtors® today expressed its support of H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009.

“Realtors® have a strong stake in preventing abusive lending for many reasons. Beyond the devastating impact on individuals and families, abusive lending erodes confidence in the nation’s housing system, and entire communities are harmed whenever abusive lending strips equity from homeowners,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth.

As consumer abuse in mortgage lending increased in the earlier part of this decade, Realtors® established a set of “Responsible Lending Principles” in 2005 with the goal of protecting consumers in the housing market. “After years of sharing our Responsible Lending Principles with Congress, NAR is extremely pleased that H.R. 1728, which embodies these principles, is set to be voted on this week,” McMillan said.

In a letter to Congress, NAR expressed strong support for H.R. 1728, including measures to ensure that all mortgage originators act in good faith and that all parties in a real estate transaction are treated honestly. “We ask members of Congress to indicate their support of consumers and the housing market by voting in favor of this important legislation,” said McMillan.

“On behalf of our members and consumers nationwide, NAR is committed to ending abusive and predatory lending practices and will continue to advocate sound, responsible legislation. We urge quick passage of this bill and swift implementation of penalties to those who dare to act dishonestly,” McMillan said.