The Secondary Market Facility for Residential Mortgage Act of 2011, also known as H.R. 2413, is a bill that was introduced this week by Reps. Gary Miller and Carolyn McCarthy.  This bill is offering a strategy for reforming the secondary mortgage market by continuing federal government participation and restructuring a system that would allow lenders of all sizes a fair shake.

 

The National Association of Realtors (NAR) strongly supports the new bill and believes it to be in the best interest of taxpayers, realtors and home owners.  NAR believes that the bill will support a strong housing markets and economic recovery.

 

According to Ron Phipps, President of the National Association of Realtors, “We applaud the efforts of Reps. Miller and McCarthy to create a structure that opens the door to lenders of all sizes without favoring large lenders over small and mid-sized institutions.  Other hybrid proposals with private profits and government guarantees would only replicate the same incentive structure and mistakes of Fannie Mae and Freddie Mac before the government takeover.”