A new bill to improve the process for approving short sales may soon bring relief to distressed home owners who are unable to keep their homes and hope to avoid foreclosure. The bill, introduced in the U.S. House yesterday and strongly supported by the National Association of Realtors®, would impose a deadline of 45 days on lenders to respond to short sale requests.
As the leading advocate for home ownership, NAR strongly supports the Fair Housing Act and believes that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream. This April marks the 43rd anniversary of the 1968 landmark Fair Housing Act, which prohibits discrimination based on race, color, national origin, religion, sex, familial status or disability.
The National Association of REALTORS® today urged Congress to move cautiously when reforming government-sponsored enterprises Fannie Mae and Freddie Mac. Reforming America’s housing finance market can only be achieved through a forward-looking, comprehensive approach that supports the housing and economic recoveries.