In the wake of President Barack Obama's new plan to further boost the nation's housing market, a number of industry experts and trade group representatives have voiced their opinion on the matter.
During the president's State of the Union address, he outlined an initiative that would allow more underwater homeowners to take advantage of mortgage rates that continue to hover near record lows. By refinancing their home loans, the White House claims that many households will be able to cut their annual mortgage payments by thousands of dollars.
"It affects so much of how people feel about their lives, about their communities, about the country, about the economy," the president said in a speech regarding the state of the mortgage industry. "We need to do everything in our power to repair the damage and make responsible families whole again."
The refinancing plan, which is estimated to cost between $5 billion and $10 billion, is expected to receive scrutiny and criticism when brought to Congress for approval. However, the initiative has won a fair amount of support from key industry professionals.
In a recent interview with World Property Channel, the National Association of Home Builders chairman Bob Nielsen applauded the president's continued efforts.
"The nation's home builders commend President Obama for highlighting the vital role that housing plays in the U.S. economy, for recognizing the high value that Americans place on homeownership and for focusing on how to address the nation's housing problems," Nielsen told the news source.
He also noted that policymakers should loosen lending regulation that prevent certain homeowners from qualifying for mortgages and making it difficult for builders to receive construction loans.
Meanwhile, in response to the expected obstacles the legislation will meet when brought to Congress, National Housing Conference vice president for policy and advocacy Ethan Handelman revealed his stance on the issue.
"President Obama's announcement today reinforces what we all know - we need coordinated action at many levels to restore housing markets, help struggling households, and support a broader economic recovery," Handelman states. "That action must, by necessity, be bipartisan and cooperative."
Additionally, senior vice president of government affairs for the National Multi Housing Council, Cindy Chetti, expressed the support that members of the apartment industry have for the president's plan to boost the overall housing market, which could create job growth in many real estate sectors.