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2008-05-07 13:30:51

Dick Gaylord Applauds Fannie Mae Housing Initiatives

The following is a statement by National Assn. of REALTORS® President Richard F. Gaylord on Fannie Mae's announcemen of its Keys to Recovery initiative:

“NAR has been working diligently on behalf of current and aspiring homeowners to get legislation and regulation in place to help stabilize the housing market. Today’s announcement by Fannie Mae introducing its “Keys to Recovery” initiative is a positive step toward achieving this goal. As NAR has advocated, Fannie is working to reduce the cost to consumers of jumbo conforming loans (loans above $417,000, up to $729,750 in some areas) and make it easier for individuals and families to qualify for these loans. We expect this step will lower mortgage costs for many families living in high-cost areas. Additionally, Fannie Mae will allow many borrowers to refinance Fannie Mae-owned mortgages even where a home’s current value is significantly less than the existing mortgage. We believe this effort and other initiatives announced today will help keep thousands of families in their homes and prevent foreclosures that are a disaster not only for families but for whole communities.

“We appreciate these new initiatives, which demonstrate Fannie Mae’s commitment to sustainable homeownership. NAR will continue to work with our partners to encourage enactment of further initiatives and legislation to help stabilize the housing market and aid in the recovery of the mortgage markets.”

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