Trying to follow legislation in the House of Representatives and US Senate oftentimes leads to nothing but a big headache. However, I thought it would be useful to at least post on the Housing Recovery Act that has been getting a lot of coverage in the news media. You don’t have to know the minutia of these types of issues, but you do want to be informed and educated as to what is happening in the housing industry and in the real estate market.
House Passes Bill That May Stem Foreclosures
Wednesday’s passage of The Housing and Economic Recovery Act of 2008 by the House of Representatives will help bring stability to the housing market and stem the rising rate of foreclosures, according to the NATIONAL ASSOCIATION OF REALTORS®.
NAR thanked Chairman Barney Frank, D-Mass., and the House of Representatives for their bipartisan efforts in getting H.R. 3221 passed.
“Realtors® are in the business of building communities, and our 1.2 million members understand that this legislation will go a long way in helping people buy and keep their homes,� says NAR President Dick Gaylord. “We look forward to prompt Senate action to finalize this bill, helping ensure that every American who can afford to own a home and wants to do so will have the opportunity and that everyone who responsibly owns a home is able to keep it. This bill must get to the president quickly, and we urge him to act immediately to sign it into law.�
NAR has expressed ongoing support for the major features in the housing package. The legislation includes Federal Housing Administration Modernization that will simplify and make FHA-backed mortgages more available while helping thousands of families refinance existing mortgages and keep their homes.
Other important components of the bill that NAR supports are reform of the government-sponsored enterprises (Fannie Mae and Freddie Mac), permanent increases to both GSE and FHA loan limits, a first-time home buyer tax credit, and a program to expand FHA that would allow more home owners to refinance their mortgages.
“The $7,500 tax credit for first-time home buyers is a needed stimulus for a weak housing market,� adds Gaylord. “This bill would extend the tax credit availability through June 2009, which would have a further positive effect on the housing market.�
Source: NAR
Posted By Carter Brown
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