NAR Opposes Increased G-Fees for Payroll Tax Break
The payroll tax break Congress passed in December is currently being “paid for” by a fee charged on all Fannie Mae, Freddie Mac and FHA loans (referred to as “G-Fees”). Congress needed to find an offset for the revenue losses from the tax break and they placed it on housing’s back. That new fee over the last two months is costing homeowners with FHA or GSE loans an additional $11 - $15 monthly. This is a de facto tax increase on homeowners – bad for housing and bad for homeowners.
Congress has begun discussions on how to pay for a new 10-month extension of the payroll tax break and G-Fees are again on the table as an option. These fees harm low and moderate income borrowers and first time home buyers.
NAR has sent letters regarding this issue to each Member of Congress. To read the letters, please visit REALTOR.org: http://www.ksefocus.com/billdatabase/clientfiles/172/2/1424.pdf (House), http://www.ksefocus.com/billdatabase/clientfiles/172/2/1425.pdf (Senate).
Lawmakers Expected to Consider Fannie, Freddie Reform This Spring
Although we’re still waiting for legislation to come out, lawmakers have been working on GSE Reform. Four bills have been introduced that would take a comprehensive approach to reform, including a bill by Rep. Gary Miller (R-Calif.) that very closely matches up with NAR’s priority, which is to encourage private investors to return to the secondary market while replacing Fannie Mae and Freddie Mac with an entity that continues to back conforming loans but as a nonprofit, not as a for-profit company.
Learn more about what to expect in this informative video with NAR policy analyst Tony Hutchinson. Tony explains what we are likely to expect from Congress over the next few months. Due to upcoming elections the possibility exists that they will put off making comprehenasive changes until after the dust from the November elections has settled. But this is no reason to not pay careful attention and to stay informed and engaged. Even if legislation takes until 2013 to pass, key decisions could be made in the next few months.
Learn more about what to expect on this reform.
Governor appoints Clayton Foster to GREC
The Governor has appointed Clayton Foster to the Real Estate Commission. Clayton is an active REALTOR and has served for many years as an RPAC Trustee and a FPC. Below is the press release from the Governors office:
J. Clayton Foster, Georgia Real Estate Commission
Foster began his career in commercial real estate brokerage in 1987. He is the president of Foster Commercial Real Estate Services. He is a member of the Atlanta Commercial Board of Realtors, where he has sat on the board of directors and received its Phoenix Award. He is also a member of the Georgia Association of Realtors and the National Association of Realtors. Foster earned a bachelor’s degree from the University of Georgia. He and his wife, Kimberly, have two children and are active members at Blackshear Place Baptist Church. They reside in Flowery Branch.
REALTOR® Party Initiative
We are the REALTOR® Party: An energized movement of real estate professionals fighting to keep the dream of homeownership alive for this country.
Now more than ever, it is critical for REALTORS® across America to come together and speak with one voice about the stability a sound and dynamic real estate market brings to our communities. From city hall to the state house to the U.S. Capitol, our elected officials are making decisions that have a huge impact on the bottom line of REALTORS® and their customers. Through the support of REALTORS® like you, the REALTOR® Party represents your interests.
As a member of the REALTOR® Party, you...