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

In year four of Dodd-Frank, over-regulation is getting old
image Halbig v. Burwell: A stunning rebuke of a lawless and reckless administration
image Beware all the retirement 'crisis' reports
image Cut people or change how they're paid
AEI on Facebook
Events Calendar
  • 21
    MON
  • 22
    TUE
  • 23
    WED
  • 24
    THU
  • 25
    FRI
Monday, July 21, 2014 | 9:15 a.m. – 11:30 a.m.
Closing the gaps in health outcomes: Alternative paths forward

Please join us for a broader exploration of targeted interventions that provide real promise for reducing health disparities, limiting or delaying the onset of chronic health conditions, and improving the performance of the US health care system.

Monday, July 21, 2014 | 4:00 p.m. – 5:30 p.m.
Comprehending comprehensive universities

Join us for a panel discussion that seeks to comprehend the comprehensives and to determine the role these schools play in the nation’s college completion agenda.

Tuesday, July 22, 2014 | 8:50 a.m. – 12:00 p.m.
Who governs the Internet? A conversation on securing the multistakeholder process

Please join AEI’s Center for Internet, Communications, and Technology Policy for a conference to address key steps we can take, as members of the global community, to maintain a free Internet.

Thursday, July 24, 2014 | 9:00 a.m. – 10:00 a.m.
Expanding opportunity in America: A conversation with House Budget Committee Chairman Paul Ryan

Please join us as House Budget Committee Chairman Paul Ryan (R-WI) unveils a new set of policy reforms aimed at reducing poverty and increasing upward mobility throughout America.

Event Registration is Closed
Thursday, July 24, 2014 | 6:00 p.m. – 7:15 p.m.
Is it time to end the Export-Import Bank?

We welcome you to join us at AEI as POLITICO’s Ben White moderates a lively debate between Tim Carney, one of the bank’s fiercest critics, and Tony Fratto, one of the agency’s staunchest defenders.

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.