National Association of Home Builders Supports Bush's Mortgage Plan
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Not surprisingly, the National Association of Home Builders (NAHB) put out a statement saying they support the President's plan to limit foreclosures by freezing interest rates for five years on certain subprime mortgages.
The group said the plan "can help stabilize the housing market and reassure consumers and investors in the mortgage market"
The group called on Congress to provide additional help. They want congress to: 1. Enact FHA reform legislation to allow the agency to insure more home loans and help subprime borrowers. 2. Strengthen regulatory oversight of Fannie Mae and Freddie Mac and allow them to purchase mortgages in high-cost markets. 3. Enact legislation that eliminates taxes on mortgage debt that is forgiven as part of a loan workout.
Most of the home builder stocks are higher today on the news.
Stocks: Pulte Homes Inc. (NYSE: PHM), Centex (NYSE: CTX), D.R. Horton (NYSE: DHI), KB Home (NYSE: KBH), Lennar (NYSE: LEN), Ryland (NYSE: RYL), Standard Pacific (NYSE: SPF), Meritage Homes Corporation (NYSE: MTH), Toll Brothers (NYSE: TOL), Hovnanian (NYSE: HOV), Beazer (NYSE: BZH).
The group said the plan "can help stabilize the housing market and reassure consumers and investors in the mortgage market"
The group called on Congress to provide additional help. They want congress to: 1. Enact FHA reform legislation to allow the agency to insure more home loans and help subprime borrowers. 2. Strengthen regulatory oversight of Fannie Mae and Freddie Mac and allow them to purchase mortgages in high-cost markets. 3. Enact legislation that eliminates taxes on mortgage debt that is forgiven as part of a loan workout.
Most of the home builder stocks are higher today on the news.
Stocks: Pulte Homes Inc. (NYSE: PHM), Centex (NYSE: CTX), D.R. Horton (NYSE: DHI), KB Home (NYSE: KBH), Lennar (NYSE: LEN), Ryland (NYSE: RYL), Standard Pacific (NYSE: SPF), Meritage Homes Corporation (NYSE: MTH), Toll Brothers (NYSE: TOL), Hovnanian (NYSE: HOV), Beazer (NYSE: BZH).
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