WCAR: Call To Action

wcar

Whatcom County Association of REALTORS®
Government Affairs Committee

Fannie Mae and Freddie Mac are once again being eyed by Congress as a “cash cow” to fund programs unrelated to housing. For this reason, the National Association of REALTORS® has issued a Call For Action urging Congress to stop raiding our mortgage guarantors.

On Thursday, October 22, 2015, the House of Representatives Transportation and Infrastructure Committee began consideration on the surface transportation re-authorization legislation. One proposal would use Fannie Mae and Freddie Mac’s credit risk guarantee fees (g-fees) to fund transportation programs.

What is a Guarantee Fee (G-Fee)?

GSE guarantee fees are charged by Freddie Mac and Fannie Mae to lenders for bundling, selling, and guaranteeing the payment of principal and interest on their Mortgage Backed Securities. These fees are passed on to mortgage seekers by the lender and add to the cost of obtaining a mortgage.

NAR strongly believes that taking g-fees would also prevent Fannie Mae and Freddie Mac from effectively managing their risk.

WCAR’s Reputation:

There is also an “Association” element to this Call for Action. At present, Whatcom County Association is DEAD LAST in the participation rate!

We are usually near the top of the participation rate, a factor I believe demonstrates our members’ commitment to REALTOR® issues.

Please Click HERE to take action.

Although I am absent, please note that your Association leadership continues to advocate on your behalf. Here are some recent accomplishments:

-Leadership met with members of the Whatcom County Council to begin the creation of a Housing Advocacy Committee, a committee that would report directly to county council on all issues pertaining to housing in Whatcom County;
-the GA committee met with a member of U.S. Representative Susan DelBene’s office to discuss housing issues at the federal level;
-Testified before the Bellingham City Council on issues concerning annexation of land into the Bellingham City limits and the true development potential of the land being annexed (extensive wetlands, unstable slopes, hazardous liquid pipelines all within the property) and the need for the City to take a comprehensive, realistic look at this property to ensure we meet our housing needs.

We have the best association in Washington state. I miss you all and look forward to returning to you as soon as possible!

Sincerely,

Perry
Government Affairs Director
Whatcom County Association of REALTORS®

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