Realogy CEO to address Senate on housing market

The president and CEO of the Realogy Corporation, Richard Smith, has recently been asked to testify before the Subcommittee on Housing, Transportation and Community Development of the U.S. Senate Committee on Banking, Housing and Urban Affairs. The Realogy CEO is expected to speak with committee members about the current state of the nation's housing market.

Chaired by Senator Robert Menendez, Democrat from New Jersey, the New Ideas for Refinancing and Restructuring Mortgage Loans hearing will also include testimony from others in the real estate industry,including David Stevens, president and CEO of the Mortgage Bankers Association, and Ivy Zelman, CEO of Zelman and Associates. Smith is calling for a cohesive national plan to address the housing market and overall economy, as the current government policies are supressing recovery.

"The end result is an environment that has constrained everyone from homebuyers and sellers to lenders and mortgage services alike," Smith said. "We believe the immediate issues that must be addressed are high unemployment, the persistent overhang of foreclosed properties, low consumer confidence and failed government intervention programs."

Reuters reported that U.S. lawmakers are currently debating how to gradually eliminate the government-sponsored mortgage lenders Fannie Mae and Freddie Mac, in an effort to eliminate a government role in the housing market. Some members of Congress believe mortgage rates would skyrocket if the entities were dissolved, while others argue the federal bodies have eaten up too much tax payer money and are hurting the market. 

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