National Association of Realtors continues to oppose FHA reform

Article Highlights

  • The NAR supports the FHA's decades-long insurance nightmare resulting in an estimated 3.2 million dashed homeowner dreams since 1975.

    Tweet This

  • The NAR proposes to subject even more first-time home buyers and working class families to the FHA's abusive lending practices.

    Tweet This

  • Now is the time to end the nightmare at FHA.

    Tweet This

Today, the National Association of Realtors (NAR) will be running its third ad presenting what it calls “FHA Facts“. The NAR apparently supports the FHA’s decades-long loan insurance nightmare that has resulted in an estimated 3.2 million dashed homeowner dreams since 1975. This represents a failure rate over 37 years of 1 in 7 families who have gotten an FHA loan. This is nothing short of scandalous.

Notwithstanding this long history of financing failure, the NAR says that the FHA can responsibly serve the needs of homeowners with lower credit scores.

Indeed, the NAR proposes to subject even more first-time home buyers and working class families, many of whom are minorities, to the FHA’s abusive lending practices. The NAR would have these families experience foreclosure rates of 10, 15, and even 25%. History tells us that many working class neighborhoods will suffer even higher rates of failure.

NAR says its members “oppose any changes to FHA that will cause a disruption to the housing sector…” and now is not the time for reform. They are wrong. Now is the time to end the nightmare at FHA.

Also Visit
AEIdeas Blog The American Magazine
About the Author

 

Edward J.
Pinto

What's new on AEI

Poverty in America—and What to Do About It
image GDP for second quarter: Strong headline, weak innards
image Paul Ryan and the emerging conservative reform agenda in higher education
image Democrats' impeachment fixation
AEI on Facebook
Events Calendar
  • 04
    MON
  • 05
    TUE
  • 06
    WED
  • 07
    THU
  • 08
    FRI
No events scheduled this day.
No events scheduled this day.
No events scheduled this day.
No events scheduled this day.
No events scheduled this day.
No events scheduled this day.
No events scheduled today.
No events scheduled this day.