NAHB and home buyers across the land, six federal regulatory agencies on Aug. 28 released a revised proposed rule to implement the credit risk retention provisions of the Dodd-Frank Act. The proposed rule would eliminate a 20 percent downpayment requirement and other onerous underwriting criteria that NAHB opposed. In an official statement, NAHB Chairman Rick Judson said that “this proposed, updated rule is a positive step toward ensuring that creditworthy home buyers have a better chance at securing affordable mortgage loans.” The agencies will seek public comment for 60 days (NAHB will weigh in) before holding a final vote on the new rule
On August 5, President Obama delivered a speech in Phoenix, AZ, that focused on the Federal Government’s housing-related policies. Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Charlotte, N.C., issued the following statement in response to the president’s speech:
“NAHB applauds President Obama for affirming the importance of maintaining a federal backstop as part of efforts to revamp the housing finance system and protect the 30-year mortgage. This will preserve financial stability, promote investor confidence and limit taxpayer exposure.
“The President also stressed that a healthy housing market is critical to create jobs, build a strong middle class and maintain a vibrant economy. In normal economic times, housing accounts for more than 17 percent of the nation’s gross domestic product. Constructing 100 homes creates more than 300 full-time jobs and generates $8.9 million in tax revenues that help local governments to provide essential services such as schools, roads, and police and firefighter protection.
“Among other reforms, the nation’s home builders also support strengthening the FHA to facilitate the flow of mortgage credit to qualified home buyers, cutting red tape and easing tight credit conditions that are preventing creditworthy borrowers from obtaining home loans, and supporting the Low Income Housing Tax Credit to ensure the availability of safe and affordable rental housing. This will help spur job growth, provide homeownership and rental opportunities for all Americans and boost the economic expansion.
“NAHB looks forward to working in a bipartisan manner with the White House and Congress to achieve these goals in the weeks and months ahead.”
Rick Judson, chairman of the National Association of Home Builders (NAHB) and a home builder from Charlotte, N.C., issued the following statement regarding comprehensive immigration reform unveiled today by a group of eight bipartisan senators:
“NAHB congratulates Sens. Michael Bennet (D-Colo.), Richard Durbin (D-Ill.), Jeff Flake (R-Ariz.), Lindsey Graham (R-S.C.), John McCain (R-Ariz.), Robert Menendez (D-N.J.), Marco Rubio (R-Fla.) and Charles Schumer (D-N.Y.) for their efforts to advance comprehensive immigration reform.
“We are pleased that the bill would create a fair, efficient and workable employee verification system that preserves the direct employer-employee relationship and the current knowing liability standard so that employers may easily understand their role and obligations. We also appreciate that the measure contains strong protections for employers against prosecution and penalties when acting in good faith and also includes provisions to make the system workable for our nation’s small businesses.
“This bipartisan Senate bill represents a responsible solution to bringing the current undocumented population out of the shadows, and NAHB also welcomes the work that has been done to create a new visa program for the low-skill sector. However, we need to improve the size and scope of this program, and NAHB looks forward to working with the U.S. Senate to improve the bill as the legislative process advances.”
Rick Judson will be speaking at the General Membership Meeting on Nov. 8th. Here is some information from his NAHB biography. For the full biography please click here.
Rick Judson, a Charlotte, N.C.-based home builder with over 35 years of experience in the building industry, is the Chairman-elect of the Board of the more than 140,000 member National Association of Home Builders (NAHB).
Judson is the owner of Evergreen Development Group in Charlotte, and is a successful builder and developer with several decades of experience in land development and construction of single-family, multifamily and commercial projects. Judson has been active in the NAHB leadership structure at the local, state and national levels throughout his career. He first served on NAHB’s Board of Directors in 1979, and he has been a member of the NAHB Executive Board since 2002. He has twice served as NAHB State Representative from North Carolina and as NAHB National Area Chairman representing North Carolina, South Carolina and Georgia.
He has chaired some of NAHB’s most important and influential committees, subcommittees and task forces, including Budget and Finance, Investment and Public Affairs. In 2008, he chaired the NAHB Housing Finance Task Force, which developed association policy relating to Fannie Mae and Freddie Mac. Previously, Rick served as 2004 President of the North Carolina Home Builders Association and was named its Associate of the Year in 1988. Judson began his career in the building industry by purchasing his family’s insulating contracting business, and, by acquiring similar firms across the country, he steadily built a company that at the time of its sale was one of the nation’s largest and most successful insulating contracting operations. During that period, he served as President of the Insulation Contractors of America. After that, Rick turned his full attention to building and real estate development. In the early 1980s, he established a building company that specialized in custom homes and eventually evolved into building entry level homes. He later expanded the scope of that business to include a larger selection of price ranges, and built both multifamily and commercial projects as
Judson attended East Carolina University on a football and track scholarship and was inducted into the school’s “Wall of Fame” for noteworthy contributions to the community and university by a letterman. He graduated with Bachelor of Arts and Bachelor of Science degrees in Business and History in 1970. Judson also performed post-graduate studies at the Wharton School of Finance, University of Pennsylvania and at the School of Industrial Management at Clemson University.