HUD Secretary addresses REALTORS®
Ben Carson, U.S. Secretary of Housing and Urban Development, addressed over 1,000 REALTORS® today at the National Association of REALTORS® (NAR) legislative conference in Washington DC. The newly appointed Secretary said the country was ready to enter a”new era of home ownership” after the recession of 2009.
NAR President Bill Brown, from Oakland California, joined the Secretary on stage for a question and answer session on current real estate issues. President Brown asked about potential changes in HUD’s mortgage insurance policies that would make home purchasing more affordable. Secretary Carson replied that HUD was reviewing the Obama administration’s proposal to reduce the FHA mortgage insurance premium of 85 basis points. He also said that FHA’s requirement of mortgage insurance for the “life of the loan” on mortgages with a loan to value of greater than 90% could only be changed by Congress.
Carson emphasized HUD’s numerous programs to support home ownership, including newly revised condominium rules and FHA’s new loan review system. “Everyone needs to have a chance of home ownership,” he said.
Patti Hill, 2016 President of Settle King County REALTORS®, who attended the meeting said she was pleased Secretary Carson addressed the REALTOR® conference. “I hope Mr. Carson is able to follow through on his commitment to improve the home ownership opportunities for our clients,” she said.