Federal Issues Update
This morning NAR’s “political junkies” packed a room to listen to Jerry Giovaniello and his government affairs team present an issues update.
Jerry started off with a review of the make up of the new Congress. He described it as similar to the last Congress: deadlocked! NAR won 8 of 11 opportunity races and 56 of 65 House races. Some unfinished business we are still facing includes Mortgage Cancellation, Bush Tax Cuts, Tax “Extenders,” Payroll Tax Cuts, and the Debt Ceiling. We also face the following Tax Reform Challenges: Mortgage Interest Deduction, RE Capital Gains Exemption, and Deductability of State and Local RE Taxes. NAR is actively engaged in 14 financial recovery regulations affecting real estate.
The remainder of the session focused on a Q&A with NAR’s federal policy specialists covering the following topics:
- Future of the Secondary Mortgage Market
- Short Sale/Loss Mitigation
- Implementation of Dodd-Frank Regulations
- Rural Housing & FHA
- Implementation of Flood Insurance Reform
- Homeownership Tax Policy
- Commercial Real Estate Lending
- Privacy/Data Security
Everyone was encouraged to participate in the current Call For Action on the Mortgage Forgiveness Tax Relief. You can learn more about federal issues and participate in this Call For Action at: http://realtoractioncenter.com
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