|By Marketwired .||
|July 18, 2014 01:06 PM EDT||
WASHINGTON, DC -- (Marketwired) -- 07/18/14 -- The Federal Housing Administration celebrated its 80th anniversary today at the White House with two panel discussions highlighting the past, present, and future of the agency and its impact on homeownership. National Association of Realtors® President Steve Brown joined distinguished speakers on the second panel to emphasize the significance of FHA-backed loans to the real estate market and housing recovery.
"As the leading advocate for homeownership, NAR has always supported FHA's single- and multifamily mortgage insurance programs, which provide safe, affordable credit to qualified buyers," said Brown, co-owner of Irongate, Inc. Realtors® in Dayton, Ohio.
During the economic downturn, when private capital fled the housing market, FHA made it possible for many families to purchase homes. "During the depths of the Great Recession, at least half of my clients relied on FHA-backed loans because of extremely tight credit conditions," said Brown. "Even today, FHA-backed loans are 30 percent of my book. FHA continues to make a real difference in people's lives. Without this program, many creditworthy individuals wouldn't be able to enter the market."
According to Brown, the current housing recovery would not have happened if FHA had not been there when times were tough. Like other holders of mortgage risk during the downturn, FHA suffered financial losses as a result of market conditions and foreclosures, but the agency is back on track to regain financial solvency.
"FHA is in a position to reduce its record-high mortgage insurance premiums, which now make up nearly 20 percent of a monthly mortgage payment," said Brown. Last month, NAR urged FHA to decrease burdensome fees and eliminate the requirement that mortgage insurance be held for the life of the loan.
Brown also suggested additional policy changes that would ensure credit-worthy, low-down payment borrowers have access to homeownership, including easing the condo certification process and providing FHA with the flexibility to change program requirements when necessary to protect the fund.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website.
For further information contact:
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 9, 2016 02:15 PM EST Reads: 388
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Feb. 9, 2016 02:00 PM EST Reads: 186
Feb. 9, 2016 02:00 PM EST Reads: 253
Feb. 9, 2016 01:45 PM EST Reads: 131
Feb. 9, 2016 01:15 PM EST Reads: 368
Feb. 9, 2016 01:00 PM EST Reads: 182
Feb. 9, 2016 12:45 PM EST Reads: 224
Feb. 9, 2016 12:30 PM EST Reads: 180
Feb. 9, 2016 12:15 PM EST Reads: 162
Feb. 9, 2016 12:00 PM EST Reads: 144
Feb. 9, 2016 11:45 AM EST Reads: 384
Feb. 9, 2016 11:45 AM EST Reads: 187
Feb. 9, 2016 11:45 AM EST
Feb. 9, 2016 11:45 AM EST
Feb. 9, 2016 11:30 AM EST Reads: 399