Press
NAHREP supports FHA fee reduction, says price improvements need to follow from Fannie Mae and Freddie Mac
Lowering borrowing costs for creditworthy Americans vital to national economic recovery
SAN DIEGO, CA (January 8, 2015) — The National Association of Hispanic Real Estate Professionals (NAHREP) supports President Obama’s plan to reduce mortgage insurance premium (MIP) fees for FHA loans in order to expand the availability of HUD loans to include more deserving borrowers. NAHREP also feels that government sponsored enterprises Fannie Mae and Freddie Mac must follow suit if the national recovery is to realize its true potential. With over 21,000 members, NAHREP is the country’s largest trade organization for Latino real estate and mortgage professionals.
“Hispanics represent the largest segment of new homebuyers in the market today,” said NAHREP President Jason Madiedo. “The reduction in MIP premiums could facilitate the dream of homeownership for hundreds of thousands of additional qualified buyers.” However NAHREP also feels that lowering borrower costs by reducing the current excessive guarantee fees and loan level pricing adjustments at Fannie Mae and Freddie Mac are equally important in supporting the Obama administration’s stated goal of ‘preserving broad and affordable access for all creditworthy families.’
“Fannie Mae and Freddie Mac currently account for more than 80 percent of the market,” said NAHREP Co-Founder and CEO Gary Acosta. “Reducing FHA fees is an important first step, but getting the GSEs back in the first time homebuyer market would have an even greater impact.”
About NAHREP
The National Association of Hispanic Real Estate Professionals, a non-profit 501c6 trade association, is dedicated to increasing the homeownership rate among Latinos by educating and empowering the real estate professionals that serve them. Based in San Diego, NAHREP is the nation’s largest trade organization for Hispanics with more than 21,000 members in 48 states and 40 affiliate chapters. For more information, visit www.NAHREP.org.