Economic Stimulus
The Board affirmed the four-point legislative plan that NAR is presenting to Congress as necessary to stimulate housing:- Make the $7,500 first-time home buyer tax credit, enacted earlier this year as part of housing stimulus legislation, available to all buyers and eliminate the repayment requirement. - Make 2008 Fannie Mae and Freddie Mac loan limits permanent. - Get the U.S. Treasury to target funds from the $700 billion federal economic rescue package to mortgage relief and create an interest-rate buydown program for residential mortgages. - Permanently bar banks from entering real estate brokerage or management. |