NAR is asking Congress to protect the American people and reform both Fannie Mae and Freddie Mac. Currently, Congress is mulling over whether to raise the minimum down payment on purchasing a home and whether to completely shut down these GSEs. Additionally, NAR wants make the temporary hike on the max FHA loan permanent. Specifically, they want to make $729,500 the norm, and prevent it from expiring on December 31st of this year.
According to NAR, “Congress must restructure Fannie Mae and Freddie Mac in a way that keeps the federal government involved in the secondary market to ensure mortgage liquidity.”