Real Estate Roundtable Urges Swift Senate Approval of Housing Relief-GSE Backstop Plan
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Real Estate Roundtable President and CEO Jeffrey D. DeBoer issued the following statement regarding the House-passed housing relief bill now awaiting final action in the Senate:
“This week’s House vote on housing relief legislation — including a reinforced financial backstop and enhanced oversight for GSEs Fannie Mae and Freddie Mac —- was a welcome step that should help fortify the nation’s mortgage and housing markets and prevent further erosion of U.S. economic conditions. This well-reasoned, bipartisan bill will restore confidence on a number of fronts, including home buyers, investors and financial institutions.
“It also authorizes a much-needed capital infusion for local communities struggling with both an oversupply of homes and a lack of affordable housing. For communities coping with rising foreclosures and associated problems, such as crime and vandalism, the federal monies proposed under the bill will help break the cycle of weakening property values, reduced tax revenues, cuts in essential services, and further exodus of residents.
“The House has acted. The White House has lifted its veto threat. Now it is time for the Senate to act. Vote ‘yes’ on H.R. 3221.”
Source: Real Estate Roundtable