The bill includes some long-term NAR goals, including expanding broadband access. But it’s concerned with ongoing GSE fees charged by Fannie Mae and Freddie Mac.
WASHINGTON – The National Association of Realtors® (NAR) explained changes in the just-passed bipartisan infrastructure bill prior to passage, and it issued a second one largely backing the move after Congress passed it. The bill does not, however, put an end to guarantee fees that make mortgage loans more expensive.
“NAR is encouraged by the bipartisan support for the infrastructure bill,” NAR President Charlie Oppler said in a release. “We supported many elements of this legislation, including significant investment in the power grid, managing climate risks, and repairing and replacing aging roads, bridges, ports, airports and railways. These improvements will make communities more resilient and sustainable.”
Oppler specifically pointed to one element of the bill – a “historic” $65 billion investment in broadband
“This new funding will ensure all communities have affordable access to a world-class communications infrastructure and provide opportunities to rural, underserved and low-income areas,” Oppler said.
An ongoing concern
“While this bill contains critical investments in America, we continue to have concerns over the use of guarantee fees charged by GSEs as a funding source,” adds Oppler. GSEs refers to government-sponsored enterprises, largely Fannie Mae and Freddie Mac, which buy loans from banks and help keep the U.S. mortgage market liquid.
“The nation faces critical challenges as Americans struggle to meet their mortgage obligations, find affordable housing amidst a supply shortage, and confront a widening homeownership gap among racial groups,” said Oppler. “We look forward to working with Congress and the administration to ensure this redirected money does not diminish the vital GSE mission to provide affordable housing and equal access to credit in America.”
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