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Government must support 30-year mortgages, say REALTORS®

Wednesday, October 19, 2011  
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Full privatization of the secondary mortgage market would all but eliminate products like the 30-year fixed-rate mortgage and that mortgage interest rates would be unnecessarily higher and unaffordable for many Americans, shutting otherwise qualified buyers out of the market, the National Association of REALTORS® has warned the House Financial Services Subcommittee on International Monetary Policy and Trade.

NAR supports H.R. 2413, the "Secondary Market Facility for Residential Mortgage Act of 2011, because it "offers a comprehensive strategy for reforming the secondary mortgage market and gives the federal government a continued role to ensure a consistent flow of mortgage credit in all markets and all economic conditions,” testified NAR President Moe Veissi. "Moreover, it supports the use of long-term fixed-rate mortgage products.”

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