An overly tight credit environment does not help the housing market, and no one knows this better than REALTORS® who are working to help their clients buy a home. That’s why the REALTOR® organization has been working for so many years post-recession to address mortgage liquidity issues.
IAR members should know that three of our very own have been at the head of the table on committees of the National Association of REALTORS® (NAR) engaged in detailed discussion and analysis on what the future of real estate finance should look like. Specifically, increased effort and work has taken place within the NAR Conventional Finance and Lending Committee with leadership from IAR members Chris Read and Mabel Guzman and IAR Government Affairs staffer Sharon Gorrell.
Last year, a key focus was determining whether the Federal Home Loan Banks should be included in overall GSE reform. To answer the question a subcommittee was formed and then led by Sharon Gorrell. This year, two very important issues, REO and bulk sales and the reintroduction of private capital into the mortgage marketplace were the priority issues of the main committee. Again subcommittees were formed and we were fortunate to have Illinois REALTORS® Chris Read and Mabel Guzman lead the discussions through chairing the Private Capital and REO subcommittees respectively.
At the recent board of directors meeting of the National Association of REALTORS® in Orlando, the national members voted to adopt a policy framework for national staff to work within in their discussions with regulatory agencies and members of Congress on the subject of reintroducing private capital in the mortgage securities space. It was based on the countless hours of research and analysis by many REALTORS® across the country, including these three women from Illinois.
This is just one example of the dedication of IAR members that can truly affect decisions on Capitol Hill that will impact the real estate business back home. Learn about the issues and get involved www.illinoisrealtor.org.