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Archive for February, 2009

NAR Strongly Opposes Obama Budget Plan

Friday, February 27th, 2009

A new proposal in the Obama administration’s federal budget outline would limit the mortgage interest deduction (MID) amount for thousands of families, which would impact the housing market for everyone. NAR, which has supported the Obama administration’s housing and stimulus plans, is opposed to this proposal. NAR President Charles McMillan has sent a letter to President Obama, saying that “there is never a good time to propose something that undermines the basic foundation of homeownership.”

NAR is prepared to use its formidable array of resources against its enactment.

McMillan went on to say, “As currently drafted, the plan changes the Mortgage Interest Deduction by reducing the amount of mortgage deductibility on families earning over $250,000. This proposed change in the Mortgage Interest Deduction will result in further erosion of home prices and home values. If this proposal is enacted it will set off a new round of price depreciation, will cause greater distress on the balance sheets of banks as the collateral value of mortgage backed securities declines. A second credit crisis could emerge before the first one is resolved.”

NAR, on behalf of its REALTOR® membership, is already in the process of implementing a multiphase action plan to eliminate this part of the budget plan. Opposition against the provision will be expressed directly to President Obama and members of Congress. A coalition is also in the works with other groups that will be affected by this proposal.

Remember… REALTORS® don’t just help you buy or sell your home. They also act as advocates for your rights as homeowners and will always work diligently with your best interest in mind.

Call a REALTORS® today!

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