Because of you and thousands of other members who supported the REALTOR® Party in taking action, the House and Senate last night passed an extension of the flood insurance program through May, 31 2010. The lapse in flood insurance resulted in many delayed and even canceled transactions. While awaiting Congressional action (which did come), NAR worked with federal agencies, GSEs and bank regulators to clarify what lenders and insurers may and may not do to help work through the program's expiration. Be assured that NAR will work closely with key members of Congress to ensure the program is reauthorized and extended prior to the May 31 deadline.
Regarding 502 Rural Housing, the NAR CFA raised the visibility of this issue in Congress and spurred momentum on the legislation. NAR expects Congress to consider legislation to restore the rural housing 502 single family mortgage insurance program. The legislation will increase the upfront guarantee for the program, which will allow the loan program to be self-sustaining and placed on a more viable financial foundation. NAR will continue to work with the Senate to craft a companion to the House bill that will ensure the long-term viability of this critical program.
We appreciate your commitment and involvement on these important REALTOR® Party issues and trust your continued support will follow in the months ahead on other NAR Calls for Action.