Regulatory issues and opportunities affecting today’s market

Housing officials including (left to right) Mary Kenney of IHDA, Eric Schambow of the Federal Home Loan Bank, Deborah Hagan of the Illinois Attorney General's Office and Manuel Flores of IDFPR, who participated on the panel, "Housing Regulatory Issues and Opportunities."

At Monday’s Illinois Association of REALTORS® Housing Leaders Conference in Springfield, a panel of housing regulators and officials discussed some of the issues facing the real estate market, but also pointed to state financing and consumer programs aimed at getting more people in homes of their own.

The panel included: Mary Kenney, executive director of the Illinois Housing Development Authority; Eric Schambow, senior vice president of the Federal Home Loan Bank of Chicago; Deborah Hagan, chief of the Consumer Protection Division of the Illinois Attorney General’s Office; and Manuel Flores, acting secretary of the Illinois Department of Financial and Professional Regulation. The panel moderator was IAR President Michael D. Oldenettel.

On the horizon, potential changes in Fannie Mae and Freddie Mac, higher premiums on loans backed by the Federal Housing Administration (FHA) and a tighter lending atmosphere could all be factors in the market.

But REALTORS® were reminded that there are Illinois programs available for those looking to buy as well as those who own a home but because of unemployment or other factors are in jeopardy of foreclosure.

Mary Kenney highlighted some of the programs administered through the Illinois Housing Development Authority (IHDA) including the homebuyer program, SmartMove, as well as the mortgage financing program geared toward veterans, Welcome Home Heroes. And for those facing the threat of foreclosure, the Illinois Hardest Hit Program has assisted 7,300 people with temporary mortgage assistance.

Find more highlights, a photo gallery and videos at www.illinoisrealtor.org.

 

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