Proposals Abound For Expanding Home Buyer Tax Credit

Posted by Orb Staff on June 12, 2009 No Comments
Categories : Residential Mortgage

using Working Group of Business Roundtable, an association of CEOs of leading U.S. corporations, has proposed expanding the home buyer tax credit from $8,000 to $15,000 and opening up eligibility to include all home buyers and not just first-timers. ‘We recognize the earlier efforts made by the administration and Congress, but strongly recommend taking additional steps to jump-start the lagging housing market in order to stimulate a broader economic recovery," says Richard A. Smith, president and CEO of Realogy Corp. and chairman of the Housing Working Group. He calls the group's recommendations "targeted, demand-side solutions." U.S. Rep. Howard Coble, R-N.C., introduced [link=http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.2801:][u]legislation[/u][/link] Wednesday that would not only make the tax credit available to all home buyers, but would also extend it through 2010. His bill has been referred to the House Ways and Means Committee. The Business Roundtable CEOs are also strongly encouraging the administration to continue ongoing efforts by the Federal Reserve to keep 30-year fixed mortgage interest rates low and to undertake a review of existing foreclosure mitigation programs. SOURCE: Business Rou

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