National Association of REALTORS® (NAR) President Charlie Oppler issued the following statement about the Federal Housing Finance Agency and the U.S. Department of the Treasury suspending certain provisions added to the Preferred Stock Purchase Agreements with Fannie Mae and Freddie Mac on Jan.14, 2021:
“NAR applauds the Federal Housing Finance Agency and Treasury’s action to suspend implementation of several components of the January amendments to the Preferred Stock Purchase Agreements. NAR has continuously urged the administration since January to delay these amendments, voicing our concern loud and clear that such changes would limit the enterprises’ ability to appropriately serve the overall U.S. housing market as intended in crisis as well as first-time buyers, those in underserved communities, investor properties and second-home purchases.
“We are thankful that the administration took action, but it is imperative that we finalize these actions and reform the capital rule. REALTORS® believe the future housing finance system must provide mortgage capital in all markets, at all times, and under all economic conditions. To do this, they will need to maintain adequate capital and an explicit government guarantee in the secondary market, which supports the availability of long term, fixed-rate mortgage products.
“NAR has carried the torch for advocating on behalf of REALTORS® to Treasury and the Federal Housing Finance Agency to suspend these Preferred Stock Purchase Agreements components and continue the conversation of what would be best for future homebuyers across this country. We appreciate the administration’s efforts to continuously support the market during the toughest parts of the pandemic and we look forward to collaborating on sustainable homeownership opportunities and shaping the future of the conventional housing finance market.”
For more information, please visit www.nar.realtor.