Martinez Commends White House for Signing Housing Relief Bill

Press Release

MARTINEZ COMMENDS WHITE HOUSE FOR SIGNING HOUSING RELIEF BILL
Law includes Martinez provisions to create loan originator licensing and FHA appraisal standards

U.S. Senator Mel Martinez (R-FL) today commended President Bush for signing into law a comprehensive effort to curtail the rising number of foreclosures, create opportunities for more affordable housing for Americans, and reform the regulation of Government-sponsored enterprises (GSEs) such as Fannie Mae and Freddie Mac in order to improve their critical role in the housing finance system.

"This law will bring immediate relief to the suffering homeowners facing foreclosure, while addressing long-term changes necessary to strengthen the housing industry," Martinez said. "This is a prime example of how effective Congress can be when legislators put politics aside and come together in a bi-partisan manner to best serve the American people during a time of crisis."

The law includes a measure authored by Senators Martinez and Dianne Feinstein (D-CA) to create national licensing and oversight standards for residential mortgage loan originators. The Secure and Fair Enforcement in Mortgage Licensing (SAFE) act is intended to eliminate bad actors from the mortgage business and require loan originators to meet minimum national standards to ensure they are professional, competent and trustworthy. Senator Martinez also authored a provision with Senator Bob Casey (D-PA) to include stricter appraisal standards for Federal Housing Administration (FHA)-backed loans as part of the Hope for Homeowners measure.

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