The MBA believes that the Federal Housing Agency (FHA) needs to be modernized to be more consumer friendly. FHA plays a major role in helping first time homebuyers with low to moderate income achieve affordable financing on the purchase of a new home.
Tax incentives may encourage first time homebuyers to purchase foreclosed, abandoned or other distressed properties, and may spur a demand for housing. This may in effect slow or stop the bleeding of declining home values and revitalize the housing market alone.
As defaults and foreclosure continue to rise, the MBA understands that further help for these homeowners is needed in order to stabilize the housing market. A number of "rescue" plans have been proposed to Congress which should be quickly considered so the housing market can reap the benefits.
The MBA also strongly supports having all single family resident loan originators to be licensed and registered in a national database. This will ensure homeowners and homebuyers that they are working with a professional and not a scam artist.
For more steps the MBA is taking to stabilize the housing market visit Future Planning Financial at www.fpf-direct.com.
