FEDERAL
POLICY
POSITIONS:
The
board voted to:
Seek
federal regulation of appraisal management companies (AMCs) to ensure
they
operate within the same standards as independent appraisers. The role
of AMCs
stands to grow under Fannie Mae and Freddie Mac guidelines that went
into
effect May 1. The guidelines, the new Home Valuation Code of Conduct,
were
established to reduce appraisal fraud.
Oppose
federal legislation (H.R. 1020/S. 931) that would eliminate the
enforceability
of arbitration and other pre-litigation dispute resolution methods in
connection with real estate matters.
Support
legislation reinstating assumable loans by eliminating the
“due on sale” clause
for new and existing FHA and VA loans.
LEGAL FUNDING:
The
board approved $72,114 in legal funding for three cases: $5,000 in an
appeals
case seeking clarity on whether a member can avoid arbitration by
filing a
lawsuit that involves claims in addition to the commission dispute
involved in
the arbitration $7,500 for a case in which a seller refused to pay a
commission
because the closing took place after a protection period in the listing
agreement $59,614 to cover one third of outstanding legal costs in
cases
involving the constitutionality of a point-of-sale inspection
requirement in
Calumet City, Ill.
The
board also approved $187,000 to reimburse local associations, MLSs, and
brokers
for a portion of the costs they incurred in the federal antitrust case
against
NAR involving virtual office Web site rules.
BUDGET
ADJUSTMENTS:
The
board accepted the 2008 audited financial statements of NAR, approved
adjustments to the association’s 2009 budget, and approved a
membership
forecast of 1,060,000 members for 2010. Treasurer James Helsel Jr. and
CEO Dale
Stinton noted that, although budget shortfalls are forecast for 2009
and 2010,
the association would still end 2010 with a net worth of more than $200
million.
The
board voted to keep dues at $80 per year and to continue the $35 per
member
special assessment to fund the Public Awareness Campaign.
CAPITAL
HILL VISITS:
Your
leadership team visited Senators Burr and Hagan and Congressman Coble,
Miller
and Watt. We
lobbied for the following
issues:
Move
the Housing Market Forward and Safeguard Our
Communities:
Fortifying
Fannie Mae and Freddie Mac: The
federal
government must have a continued key role to ensure capital for
mortgage
lending throughout all mortgage markets and in all market conditions.
FHA
& GSE Loan Limits: Congress
should
expand the $8,000 first-time homebuyer tax credit to include all
homebuyers at
all income levels.
Preserve
the Mortgage Interest Deduction:
NAR
opposes any changes to current law. The MID is a remarkably effective tool that
facilitates homeownership and community stability. More than 75% of homeowners utilize the
deduction over the period they own their home.
Enact
Health Care Coverage for the Self-Employed and Small
Businesses:
NAR
urges Congress to pass health care reform
legislation that addresses the inequities faced by the self-employed
and small
businesses in the nation’s health insurance delivery system.
Adopt
Reasonable Approaches To Energy Efficiency:
NAR
supports commercially reasonable,
incentive-based approaches to help our nation’s commercial
and residential
buildings become more energy efficient. NAR strongly opposes energy labeling requirements that are
imposed at
time of sale or impose undue economic burdens on property owners or
managers.
