WASHINGTON, October 01, 2008

The following is a statement by National Association of Realtors® President Richard F. Gaylord:

“The National Association of Realtors®, on behalf of its 1.2 million members, commends U.S. Department of Housing and Urban Development Secretary Steve Preston and the entire oversight board for quickly implementing the Hope for Homeowners Program. This program will permit families to refinance into safer, more affordable mortgages, in many cases helping those families avoid a devastating foreclosure. Hope for Homeowners will significantly contribute to stabilizing local home prices across the country. The program also protects the investment of the government and taxpayers by allowing them to share in the homeowner’s equity and appreciation.

Careful implementation of the program will ensure lender participation while protecting the FHA fund. We appreciate HUD for reaching out to government agencies, lenders, and other interested parties before implementing the program. Realtors® work to build communities, and by participating in this program, we can do our part to help many families to keep their piece of the American dream.”

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