Economic Stimulus Bill – A call to act

16 11 2008

Congress may soon consider a new economic stimulus bill. Housing has always lifted our economy out of past economic downturns so it is imperative that Congress focus on housing in the next stimulus package. This will benefit all and it’s worth our best efforts to have housing addressed in the stimulus bill.

The National Association of Realtors (NAR) has produced the NAR Four-Point Housing Stimulus Plan, which they are pushing to have included in any future stimulus bill.

The four points are listed below:

*Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit’s limited availability and repayment requirement severely limit the credit’s use and effectiveness.

*Make the 2008 FHA, Fannie Mae and Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.

*Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to make below-market rates available and stabilize home prices.

*Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process. Banks should not manage home sales and purchases.

Please contact Congress today and ask them to include NAR’s Four-Points in the next stimulus package. Send letters to:

Representative Keith Ellison
U.S. House of Representatives
1130 Longworth House Office Building
Washington, DC 20515-0001

Senator Norm Coleman
U.S. Senate
320 Hart Senate Office Building
Washington, DC 20510-0001

Senator Amy Klobuchar
U.S. Senate
302 Hart Seante Office Building
Washington, DC 20510-0001