I am posting this in response to a blog that suggests that the NAR misrepresented the truth when they lobbied against QRM initiatives. No apologist for the NAR am I, but I disagree that the NAR was wrong here. I am re-posting a PDF of the email the NAR sent all brokers in support of their view in a May 18 call to action to lobby lawmakers to protect lower downpayent mortgage programs.
It is a little long, but I believe in transparency. This is too important to assert opinions without the facts. I do not believe the representations made in this email are fraudulent in the least, and I further believe that government fixes of the housing industry thus far have been by and large awful, with the exception of the expansion of FHA, which has saved the bacon of many, including Yours Truly.