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Category archive for: Politics

NAR: Obama Administration Wants To Make Us A Nation Of Renters

The Obama administration is releasing a white paper today with it’s suggestions to reform the housing market, and the National Association of Realtors is up in arms. It’s been circulating some “talking points” and it has some dire predictions:

The Obama Administration and some members of Congress want to turn the clock back on the housing market to the 1930s, turning us into a nation of renters and making home ownership something that only the rich can afford. Obama is turning the American Dream into the American Nightmare for the nation’s middle- and lowerincome earners.

– Joe T. Plumber, who makes $25 an hour, won’t be able to own a home under some of the policies being debated/considered by President Obama and the U.S. Congress.

It’s not exactly easy for Mr. Plumber to buy a house in the current market, and it’s hard to see why this would be worse, but that doesn’t stop the NAR from offering this rather shameless bit of self promotion:

– There is no one standing up for America’s 75 million home owners in this debate except the NATIONAL ASSOCIATION OF REALTORS®, the nation’s leading advocate on home ownership.

The NAR is afraid of what will happen should the government’s involvement in the mortgage market be scaled back. Here’s what they say will happen if the government were to reduce it’s 90% share of the mortgage market:

Cutting back significantly on Fannie Mae and Freddie Mac’s involvement in the mortgage
market will:

1. Reduce housing access and affordability for those who are willing and able to
become home owners

2. Create higher profits for America’s big banks.

3. Create more “too big to fail” banks, leading to greater consumer risk and taxpayer exposure

4. Hurt the economy and hinder job creation and growth

I would counter with the following– Continue reading NAR: Obama Administration Wants To Make Us A Nation Of Renters