WASHINGTON, February 02, 2009
Allowing large national banks to enter into real estate brokerage and property management could be devastating to the safety and security of the nation’s economy, which is why the National Association of Realtors® has been calling for legislation that would permanently ban banks from entering into real estate transactions.
“We thank Sens. Barbara Boxer, D-Calif., and Richard Burr, R-N.C., for their leadership in introducing legislation to prevent big banks from expanding their business to act as real estate brokers and managers,” said NAR President Charles McMillan.
During the introduction of the Community Choice in Real Estate Act on Friday, Sen. Boxer said, “Permitting banks to engage in commerce could compromise their lending decisions and create conflicts of interest while restricting consumer choice and competition among mortgage lenders.”
Some national banks had petitioned the federal government for the power to own and operate local real estate brokerage or property management companies. Since 2003 language has been included in annual appropriations bills to temporarily block implementation of these actions. The Community Choice in Real Estate Act would make the prohibition permanent.
“Imagine how much worse the crisis in the financial sector and our overall economy would be if banks had been permitted to enter into commercial activities such as real estate,” McMillan said. “We hope that Congress will work quickly to close any loopholes and pass laws that maintain the separation of banking and real estate and protect our nation’s economy from unnecessary and avoidable risks.”
For more info on this and how you can get involved visit Realtor.org
Gina Bombin, NWI Real Estate Professional
First Time Homebuyer Tax Credit
Posted by: Scott Swinford, Mortgage Planner & Credit Expert In: Real Estate Finance| tax credit
One of the most exciting provisions of the Housing and Economic Recovery Act of 2008 was the First-Time Homebuyer Tax Credit. The credit was expanded as part of the most recent economic stimulus bill (The American Recovery and Reinvestment Act of 2009). The credit is designed to encourage first time home buyers to go ahead and make the leap to purchase their first homes. Combine this tax credit with the fact that home prices and interest rates are at historical lows, and it is indeed an ideal time for many first-time homebuyers to purchase a home!
Here are some things to keep in mind:
A first time home buyer is defined as someone who has not owned a home in the last three years
For Homes Purchased Between April 9, 2008 and December 31, 2008
The credit amounts to 10% of the purchase price of the home not to exceed $7,500
For Homes Purchased Between January 1, 2009 and December 1, 2009
Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit… Continue to Loan Guy’s Blog
Gina Bombin, Real Estate Professional for NWI
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