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WASHINGTON (May 19, 2020) – National Association of Realtors® President Vince Malta issued the following statement after the Federal Housing Finance Agency issued guidance Tuesday regarding credit access for borrowers who are in or have recently exited forbearance.
“NAR applauds the FHFA and Director Calabria for taking additional steps to secure the U.S. housing market and ensure mortgage and refinance options remain available to creditworthy Americans,” said Malta, broker at Malta & C, Inc., in San Francisco, CA. “Homeowners who have been forced into forbearance by no fault of their own but continue to make payments should not be penalized because of this pandemic. With the real estate industry driving nearly one-fifth of our national GDP, assurances that homebuyers can access credit and capitalize on record-low mortgage rates remain critical to America’s economic recovery.”
The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.
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