Key Policy Issues

							         Russell W. Riggs
 Senior Regulatory Representative
National Association Of REALTORS®
         Washington, DC

         March 31, 2009
Presentation Topics
1. Government Affairs and Advocacy: An
   Important Member Benefit
2. An Update on Current Legislative and
   Regulatory Issues
3. Issues Prioritization


                                          2
NAR Government Affairs: An
Important Member Benefit
- Lobbyists, Research, Legislative
and Regulatory

- RPAC- $17 million- Largest in
the Country

- Land Use Initiative
                                     3
Legislative and Regulatory Issues
- Banks in Real Estate
- National Flood Insurance Program
- H-2B Visa Program
- GSE Mortgage Buydown Program

                                     4
Banks in Real Estate



                       5
National Flood Insurance Program
- Extended to 9/30/09
- Congress Will Draft Reform Bills
- Contentious   Issues Will Include:
    - Subsidies
    - Maps
    - Wind Provision
                                       6
H-2B Visa Program
- Resort Areas Need These Workers
- Seasonal Worker Program
- Workers Allowed Only After Employers
Try to Fill Jobs W/Americans
- Coordination with DHS
- SOSW Legislation Would Improve the
Program and Allow More Workers
                                         7
GSE – Home Affordable Refinance
- Loans owned or guaranteed by Fannie
Mae/Freddie Mac (the GSEs)—must be
current.

- GSEs allow not only current homeowner-
occupants but also 2nd homeowners and
investors.

- LTVs >80% up to 105%.
                                           8
GSE – Home Affordable Refinance
-Allows borrowers who have lost
equity to refinance into today’s
lower rates.

- Borrowers can lock in today’s
payment or avoid an upcoming
reset.                             9
GSE – Home Affordable Refinance
- Enable 4-5 million borrowers to
get current low interest rates.
- No Prepayment penalties,
balloons, or cash-outs.
- 30 or 15 year FRM.
- In effect until 12/31/12.
Issues Prioritization
- Issues Were Ranked by a Survey of Realtors
- Questions:
  - Are They Ranked Correctly from the Resort/2nd
    Home perspective?

  - If Not, Should They be Ranked Differently?

  - Are All Issues of Concern Included – If not, What
    Are Some Other Issues That Should be Included?

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