By Bill Armstrong, Treasurer, National Association of REALTORS®
Last week, NAR participated in a positive meeting with Fannie Mae, Freddie Mac, and the Federal Housing Finance Administration (FHFA) —the federal agency in charge of housing finance oversight. We talked about additional ways to improve the short sales process for mortgages backed by Freddie Mac or Fannie Mae. I was pleased to participate and to represent NAR along with Scott Louser, 2012 Vice President and Liaison to Government Affairs.
All in all it was a great meeting, made even more so by the fact that we brought a number of REALTORS® with us so that officials at FHFA could hear directly from those in the trenches, about the difficulties they experience during a short sale. And bringing together the individuals facing those challenges day in and day out – REALTORS® – with those in charge of oversight, is the most effective way to convey the reality of the situation and the need for a solution.
Now, fortunately there has been some progress recently, such as the amendment Freddie Mac made to its policy on short sales affidavits, at the request of NAR and the American Land Title Association. We continue to push lenders to implement the updated policy.
But as we all know, short sales continue to be an issue for many REALTORS®. That’s why NAR is working hard with both the GSEs and regulators to find real, workable solutions that will simplify the process, and we won’t rest until that happens. FHFA has been open to discussion and were very interested in hearing directly from REALTORS®. So I am optimistic that changes will be made that will benefit REALTORS® during a short sale…and rest assured that we here at NAR will continue to push for them to happen.