After
the housing downturn there were calls among lawmakers and policymakers
in Washington to scale back the country’s historic commitment to home
ownership. Those calls continue today.
NAR
President Moe Veissi (center) with leaders of several state and local
associations and YPN chapters on the U.S. Capitol grounds where the
Rally to Protect the American Dream will be held on May 17.
Maybe the value of the mortgage interest deduction should be curtailed, as President Obama is suggesting
in his latest budget proposal. Maybe there should be little or no
federal backing of mortgages once Fannie Mae and Freddie Mac are restructured out of existence, as some bills would do. Maybe loans that lenders originate for securitization should be required
to have at least 20 percent down, as banking regulators have proposed.
Maybe the fees that lenders pay to have their loans guaranteed by Fannie
and Freddie should go up, as Congress has just passed into law.
All of these and more add up to an attack on home ownership and raise
the question of whether our children and grandchildren, despite the
unquestioned good home ownership does for our country, will have the
same options for buying as we or our parents had.
Here in Washington, largely behind the scenes, NAR has been waging a
battle on Capitol Hill and among the regulatory agencies to try to keep
some balance in this debate over home ownership and dial back the
reaction to the housing downturn.
In May, though, the battle will come into sharp relief as thousands
of REALTORS® join NAR President Moe Veissi and the NAR Leadership Team
at a rally on the grounds of the U.S. Capitol.
The Rally to Protect the American Dream takes place on May 17 and is
REALTORS®’ high-energy way of letting Washington lawmakers and
policymakers know that REALTORS® are ready to go to the mat to protect
this most cherished of American institutions.
“Extraordinary times call for extraordinary measures,” NAR President Veissi says.
You’ll be hearing more about the rally in the months ahead. President Veissi and other leaders in the industry
are reaching out to REALTORS® across the country to join them on the
ground of the Capitol for what promises to be a memorable morning.
Sharing the stage with President Veissi will be members of Congress,
home buyers, and others. Theirs will be a simple message: Real estate is
the bedrock of the country and the country’s REALTORS® are taking a
stand to keep it that way.
Lear more in this video podcast with President Veissi.
Send any questions about the rally to rally@realtors.org.
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