May 12 – 17
Washington, D.C.
FRAR members in attendance: Jimmy Townsend, James Sherrill, Swayn Hamlet, Queen Wheeler, Zan Monroe, Jane Cannon, Debbie McFayden, Angie Hedgepeth
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Congressional Actions and the 2014 Midterm Election: Federal Legislative & Political Forum
Two political strategist in the country, David Plouffe and Steve Schmidt provided perspectives on the issues and congressional races going on in Washington, DC.
What Was Said: (David Plouffe)
- The Latino vote is very important
- D.C. government is loced down until next election
- GSE reform, tax reform, transportation program will some action in the lame duck session
- The window will be small in 2015 to pass any legislation
- You will see immigration reform
What Was Said: (Steve Schmidt)
- Politicians pick voters now due to redistricting
- Demographic groups are gaining democrats
- Demographic groups are loosing republicans
- Currently there are not enough white people to get you elected
- The Asian vote is not voting republican, they are one of the fastest growing groups in America
- Short term – billionaires are buying the White House
- Real estate tax revisions are important to the next election
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FHA: 80 Years and Counting: Regulatory Issues Forum
Speakers: Shaun Donovan, HUD Secretary, Washington DC
Carol Galante, FHA Commissioner, Washington DC
What Was Said: (Shaun Donovan)
- The partnership with REALTORS® has been strong and thank you for the work you’ve done
- The National Association of REALTORS® represents a critical chapter. We can’t afford to spend time in the rearview mirror
- 2013 was the best year for new home sales since 2006
- Obtaining credit is now difficult, we have created a blue print for credit access and that is housing counseling, which means less delinquency by 30%. This is a good decision for the health of FHA
- The new program is called “HAWK” – Homeowners Armed With Knowledge
- HAWK will provide (discounts of annual premiums, FHA working with lenders, quality assurance programs for lenders)
- HAWK is a winner for everyone…an example is a $180.000 loan will save around $10,000 during the life of the loan
- Johnson Crepo Bill – housing reform, we have to do a better job with housing finance reform
What Was Said: (Carol Galante)
- Our work together has changed the face of homeownership
- The average credit score for a mortgage is 752, 33 million have a score between 580 – 680
- The new HAWK handbook is published for comments
- What does it mean for REALTORS®? It means broader availability, lending more confidently, homebuyer education with counseling
- HAWK is a 4 year pilot program that is robust with real savings
- 20 – 30% percent will take advantage of this program
- We are receiving feedback during the next 30 – 45 days
Sidebar: The following link below will take you to the HAWK porthole.
http://portal.hud.gov/hudportal/documents/huddoc?id=BlueprintAcess5_9_2014.pdf
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Heard on the Hill…..
Senator Richard Burr
“The average middle class income has dropped by $3,500”
“The highest poverty rate is with women”
“People with money are having no problems”
“GSE – not there yet…needs reform”
“The average American is struggling”
