14 West Hawaii Real Estate | January 4, 2019
Realtors 2020 President testifies before Financial Services Committee
This morning, National
Association of Realtors
President-Elect Vince Malta
testified before the House
Financial Services Committee during
its hearing, “A Legislative Proposal
to Provide for a Sustainable Housing
Finance System: The Bipartisan
Financing Reform Act of 2018.”
Malta, a third-generation
Realtor and the CEO and broker of
Malta & Co., Inc. in San Francisco,
commended the Committee for its
work toward comprehensive reform
of the nation’s housing
finance system while
outlining NAR’s priorities for
a legislative restructuring of
Freddie Mac and Fannie Mae.
In his testimony, Malta
outlined NAR’s positions on
the three main components
of Committee Chairman
Jeb Hensarling’s bill, the
Bipartisan Financing Reform
Act of 2018.
“NAR believes the
discussion draft contains
many provisions that should
serve as the backbone for
comprehensive housing
finance reform. These
components include
an explicit government
guarantee, regulatory
flexibility and strong and
reasonable regulatory
authority,” said Malta,
who has over 43 years of
experience in the real estate
industry. “However, as the
discussion draft evolves, the
proposal can be improved
to further ensure a reliable
and affordable source of
mortgage capital is readily
available for responsible
creditworthy Americans in all
types of markets.
“Above all else,
NAR firmly believes that
comprehensive housing
finance reform must be done
in a bipartisan manner.”
Along with Malta,
representatives from the
National Association of Home
Builders, Mortgage Bankers
Association, and the National
Association of Federal Credit
Unions were invited to
participate in the Financial
Service Committee hearing.
“The National Association
of Realtors commends Chairman
Hensarling for his hard work in the
effort to reform America’s housing
finance system,” said NAR Senior
vice president of Government Affairs
Shannon McGahn. “Specifically,
we strongly support this proposal’s
language to provide an explicit
government guarantee for mortgagebacked
securities, which will
provide countercyclical protections
and pricing benefits to American
consumers. Most importantly, any
reforms must provide liquidity and
promote stability in the national
housing market, particularly during
times of economic distress.”
Despite structural and
fundamental improvements to the
housing industry since the financial
crisis, NAR has argued that the
current conservatorship of Fannie
Mae and Freddie Mac needs to be
reexamined. Realtors also have held
that policymakers must address
the mounting challenges facing the
secondary mortgage market, which
could have a severe impact on
taxpayers and on Americans’ ability to
access affordable mortgage credit.
In order to minimize the effects
of these threats, NAR has been urging
Congress to enact comprehensive
housing finance reform legislation,
which will be the focus of NAR’s
Policy Forum on Feb. 7, in
Washington, D.C. Industry experts,
academics, and policymakers will all
speak at the event as NAR continues
to lead discussions on opportunities
facing the housing finance system and
offer sensible reforms for the future.
“While the housing market has
generally improved since the financial
crisis, there remains a need for
policymakers to address challenges
that may arise in another economic
downturn,” Malta said. “NAR urges
lawmakers to pass comprehensive
housing finance reform. Thoughtful
reform of the secondary mortgage
market will not only safeguard the
interests of taxpayers, but also ensure
for a deep and affordable mortgage
market for all creditworthy Americans.”
The National Association of Realtors
is America’s largest trade association,
representing 1.3 million members
involved in all aspects of the residential
and commercial real estate industries.
Thinking of Vacation Renting?
Not all management companies
are created equal.
Call today - to fi nd out the differences
OFFICE NOW OPEN IN MAUNA LANI
(808) 329-2140
Mauna Lani Offi ce Kailua Kona Offi ce
68-1330 Mauna Lani Dr 74-5565 Luhia St, Suite 101
www.konacoastvacations.com
Kona Real Estate Management
Purchase, Refi nance, and Reverse Mortgage Loan Options
BARBARA A. WELSH
Mortgage Broker/Owner
Hi - 224003
Hi - 217406
PHONE: (808) 327-0404
CELL: (808) 960-3457
barbara@apexmortgagehawaii.com
apexmortgagehawaii.com
76-6225 Kuakini Hwy. C-106
Kailua-Kona, Hawaii 96740
Property management
of long term rentals and
home check services.
A small but professional
father-daughter run
company that are both
licensed brokers and
treat your property
like their own.
808-329-3121
www.konahomesandrentals.com
Joseph A. Garcia
BIC
Christina Sotelo
BA
/www.konacoastvacations.com
link
/www.konahomesandrentals.com
