Press Release, June 10, 2009, by The Business Roundtable, an association of chief executive officers of leading U.S. corporations.
The Business Roundtable's Housing Working Group, chaired by Realogy CEO Richard A. Smith, issued a set of recommendations for the White House and US Congress that are aimed at jumpstarting the housing market in order to stimulate a broader economic recovery.
The Business Roundtable's recommendations are:
•· Keep mortgage interest rates at historically low levels (below 5 percent) for at least one year;
•· Expand the current First-Time Homebuyer Tax Credit incentive from the lesser of 10 percent of the purchase price of the home or $8,000 to a higher limit of either 10 percent or $15,000 for all homebuyers, remove the income restrictions and include all primary residence purchases for one full year;
•· Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
•· Make permanent the current temporary conforming loan limits; and
•· Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.
"We believe targeted, demand-side solutions - such as the ones Business Roundtable is recommending today - will provide a critical next step for a housing recovery that will help create jobs and boost the economy as a whole," said Smith in Business Roundtable's press release.
See the Business Roundtable press release and its Housing Working Group's detailed recommendations.
See the Wall Street Journal online article about the Business Roundtable's recommendations.
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Let's support these industry leader recommendations to the White House and Congress.
Source of information: Coldwell Banker NRT, and its parent company, Realogy.
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Harrison K. Long, Explore Group Properties, Coldwell Banker Previews, Irvine, CA.
www.BuyersExploreHomes.com - www.ExploreTheOC.com
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Well it is a start but I don't think congress is interested in anything that they can't own. So if we gave them all our property rights then they would listen.