Realtors(R) Call for Increased Lending, Pre-Foreclosure Efforts to Reduce High ... - MarketWatch (press release)

He said that NAR supportsresponsible lending standards; however, unnecessarily tight creditrestrictions are putting downward pressure on home values, increasingthe number of homeowners whose mortgage exceeds the value of theirhome, and adding to the number of foreclosures. Greater access to financing for qualifiedborrowers and investors could help absorb the excess inventory offoreclosed properties," said Dechert. In testimony, NAR also urged the lending industry to take greateraction to keep struggling families in their homes through loanmodifications that reduce the probability of default and preventfurther increases to the large inventory of foreclosed properties. Dechert said that continued short sale delays are also contributingto foreclosures and urged lenders and servicers to quickly approvereasonable short sale offers that would allow home owners to avoidforeclosure. The current short sale process can be time-consuming andinefficient, and many would-be buyers end up walking away from a salethat could have saved a home owner from foreclosure. Realtors(R) strongly believe that every effort should bemade to incentivize individual versus bulk sales because individualsales maximize asset recovery and minimize the impact on housingvalues. Regarding another proposed option to combine foreclosure dispositionwith affordable rentals through lease-to-own programs, Decherttestified that the focus should be on keeping families in their homeswhenever possible. He recommended that any lease-to-own programs beprivately administered by local entities that understand the needsand challenges of their local communities. This and othernews releases are posted in the News Media section. Farrell Dow hits 20,250 by 2020, but first a big crash 1. Beat thestock-picking pros and MarketWatch experts to win prizes. More information on NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Realtors