Obama and Congress will also likely look at another economic stimulus package, particularly if the outgoing 110th Congress balks at passing new stimulus provisions before the end of 2008.
NAR is pushing for a lame-duck session of Congress to make conforming high-cost loan limits of $729,750 permanent and to eliminate the repayment requirement in the first-time homebuyer tax credit. NAR also want to see heightened consumer protection with a permanent ban on national banks entering real estate brokerage and management. And it wants to ensure Wall Street banks use some of the $700 billion in rescue funds to make mortgage financing available at reasonable costs.
Looking ahead, Congress is expected to take on comprehensive reform of health insurance, infrastructure investment, and climate change—all issues impacting real estate and the real estate profession. On all of those issues, NAR will move aggressively to help shape the debate.
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