Tuesday, December 8th, 2009For 2009, NAR’s primary public policy goal was to focus on efforts that stimulate, stabilize and strengthen real estate markets across the nation while also protecting the business interests of members. As we near the end of 2009, NAR has made significant progress on both the legislative and regulatory fronts. The successes highlighted below represent a small portion of the activity conducted on behalf of REALTORS® in 2009.
As we look ahead to 2010, NAR will continue to advocate policy initiatives that benefit REALTORS® and consumers in the residential and commercial real estate industry.
Protecting REALTORS®’ Business Interest and Activities
Banks in Real Estate – After 8 years of continuous struggle to convince Congress that real estate is not financial in nature and banks should not be allowed in the real estate brokerage business, NAR achieved its objective. On March 11, the Omnibus Appropriations Bill, H.R. 1105, was signed into law, and with it a declaration that, going forward, neither real estate brokerage or real estate management can be classified as a financial activity.
Home Valuation Code of Conduct – Citing a lack of guidance from the GSEs, among other things, NAR is calling for an 18 month moratorium. Staff from both Fannie Mae and Freddie Mac met with the Appraisal Committee at NAR’s 2009 Midyear Meetings. The conversation focused on the implementation of HVCC. With the Code set to expire in November 2010, NAR supports an amendment to H.R. 3126 that will effectively sunset HVCC.
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