NAR President Steve Brown in a meeting yesterday with new Federal Housing Finance Agency (FHFA) Director Mel Watt shared REALTORS®’ concern over the continued availability of safe and affordable mortgage financing and thanked the director for postponing a decrease in the size of loans Fannie Mae and Freddie Mac can back. Watt also postponed an increase in the guarantee fees the companies charge lenders, a position NAR shares.
“Director Watt listened carefully to our concerns and took the prudent step of delaying any changes to loan limits and the guarantee fees,” Brown said after the meeting.
NAR supported the nomination of Watt, a former U.S. representative from North Carolina who was a senior member of the House Committee on Financial Services. It was Watt’s first meeting with a professional trade group since his confirmation.
FHFA Director Mel Watt with NAR President Steve Brown
“Based on our very productive meeting, it’s clear Director Watt understands the crucial role of residential real estate to the economy,” Brown said. “We are eager to work with him and promised to keep him apprised of what our members are seeing in markets across the country.”