Regulatory issues and opportunities affecting today’s market

Housing officials including (left to right) Mary Kenney of IHDA, Eric Schambow of the Federal Home Loan Bank, Deborah Hagan of the Illinois Attorney General's Office and Manuel Flores of IDFPR, who participated on the panel, "Housing Regulatory Issues and Opportunities."

At Monday’s Illinois Association of REALTORS® Housing Leaders Conference in Springfield, a panel of housing regulators and officials discussed some of the issues facing the real estate market, but also pointed to state financing and consumer programs aimed at getting more people in homes of their own.

The panel included: Mary Kenney, executive director of the Illinois Housing Development Authority; Eric Schambow, senior vice president of the Federal Home Loan Bank of Chicago; Deborah Hagan, chief of the Consumer Protection Division of the Illinois Attorney General’s Office; and Manuel Flores, acting secretary of the Illinois Department of Financial and Professional Regulation. The panel moderator was IAR President Michael D. Oldenettel.

On the horizon, potential changes in Fannie Mae and Freddie Mac, higher premiums on loans backed by the Federal Housing Administration (FHA) and a tighter lending atmosphere could all be factors in the market.

But REALTORS® were reminded that there are Illinois programs available for those looking to buy as well as those who own a home but because of unemployment or other factors are in jeopardy of foreclosure.

Mary Kenney highlighted some of the programs administered through the Illinois Housing Development Authority (IHDA) including the homebuyer program, SmartMove, as well as the mortgage financing program geared toward veterans, Welcome Home Heroes. And for those facing the threat of foreclosure, the Illinois Hardest Hit Program has assisted 7,300 people with temporary mortgage assistance.

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About Stephanie Sievers

Stephanie Sievers is Associate Editor for the Illinois Association of REALTORS®. She serves as Associate Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.