NAR Letter to Representative Vargas RE HR 6794 Promoting Access to Credit for Homebuyers Act of 2020
Issue Date: June 19, 2020
On June 19 NAR sent a letter ro Representative Vargas. The letter thanks Representative Vargas for introducing H.R.6794, the “Promoting Access to Credit for Homebuyers Act of 2020.” NAR fully supports H.R. 6794, which will require the federal mortgage programs (FHA and Fannie Mae and Freddie Mac) to purchase properly underwritten loans, even if they are in forbearance. The CARES Act provides homeowners with federally guaranteed mortgages the ability to take forbearance on their mortgage payments; It allows them to temporarily stop payment if they are experiencing a hardship due to the coronavirus pandemic. It does not however relieve them from their responsibility to pay their mortgage. The primary federal agencies responsible for securing those mortgages have resisted their obligation to accept these mortgages in forbearance.