C.A.R.’s statement on President Obama’s housing speech
LOS ANGELES (Aug. 6) The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) today issued the following statement in response to President Obama’s speech on housing in Phoenix today:
“C.A.R. commends the Obama administration for addressing mortgage finance reform and recognizing that the government needs to have a role in the proposed mortgage finance system,” said C.A.R. President Don Faught.
“While C.A.R. is encouraged to see private capital begin to return to the housing market and hopes that trend continues, we believe that the government must play a role in a healthy mortgage market to ensure the continued availability of safe and affordable mortgages in all market conditions.”
A government role in the housing market makes homeownership affordable, allowing borrowers to obtain fixed-rate loans with longer repayment terms. Without it, the 30-year, fixed-rate mortgage would no longer be available to the majority of homebuyers.
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.