NAHB Calls on FDIC to Drop Down Payment Plan

To combat the poor housing market, the National Association of Home Builders (NAHB) is calling on the Federal Deposit Insurance Corp. (FDIC) to drop its proposed plan to require a minimum 20-percent down payment of homebuyers, something the association said would "jeopardize the economic recovery." The NAHB is holding a teleconference today at 2 p.m. Eastern to discuss the impact of the plan. To participate, call 800/860-2442 and ask for the "NAHB Mortgage Reform Teleconference." If you are unable to participate in the teleconference, a full replay will be available at 877/344-7529, with the pass code 449809.