MBA urges US House Small Business Committee to Extend and Expand Homebuyer Tax Credit

Dennis Norman

Dennis Norman

By: Dennis Norman

Today, testifying before The US House of Representatives Small Business Committee, the Mortgage Bankers Association (MBA) told the committee that the current credit cycle and recession began in the U.S. housing market, and recovery will not be complete until the current oversupply of house on the market has dramatically decreased.

Mortgage Bankers Association Logo MBAThe MBA then cited the recent report by the IRS that over 1.4 million taxpayers have benefited from the tax credit. “Although (the) MBA is seeing some improvement in the housing market, it is essential that the favorable impact of the first-time homebuyer credit be allowed to continue beyond the upcoming expiration date of November30, 2009.”

The MBA said the excessive inventory of available homes will continue to put “downward pressure on home values” and that “demand is not keeping up with the current supply.”

The MBA recommended to the committee the following changes to the current tax credit:

  • Expand eligibility to ALL homebuyers – While the tax credit has proven to be effective in helping first-time homebuyers, a large number of Americans are thinking about moving from their current home for various reasons and might be incented by a tax credit to do it now, when the economy needs it the most. Increase the tax credit to a maximum of $15,000
  • Increase the tax credit to up to 10 percent of the home purchase price up to a maximum of $15,000. The credit may include a phase-out based upon adjusted gross income as reported on a borrower’s most recent tax returns.
  • Require the tax credit to be repaid in certain instances – The borrower should repay the tax credit only if the residence is sold within the first three years (exception for employment-related moves) or in the event of a taxpayer default on any other mortgage that existed at the date the tax credit is claimed. This would discourage “buy and bail” behavior, where a borrower uses the tax credit for his or her advantage and walks away from an existing mortgage obligation.
  • Tax credit should be available for settlement – If practical, facilitate the Internal Revenue Service (IRS) sending funds claimed by the taxpayer directly to the settlement agent of the property transaction for a downpayment
  • Enhancements effective immediately– Any enhancements to the program should be effective on the date of enactment and should be in effect for at least 12 months to ensure the greatest economic stimulus

Many housing-related organizations, the Mortgage Bankers Association, the National Association of Realtors, the National Home Builders Association and coalitions such as Fix Housing First have been working diligently to try to convince Congress of the effectiveness of the homebuyer tax credit as well as the need to expand it and extend it. Now we will have to wait and see how Congress is going to react, but time is running out.

Print Friendly, PDF & Email

76 comments to MBA urges US House Small Business Committee to Extend and Expand Homebuyer Tax Credit

  • seo

    … [Trackback]

    […] Find More to that Topic: stlouisrealestatenews.com/real-estate-market/real-estate-market-general/mba-urges-us-house-small-business-committee-to-extend-and-expand-homebuyer-tax-credit/ […]

  • seo

    … [Trackback]

    […] Info to that Topic: stlouisrealestatenews.com/real-estate-market/real-estate-market-general/mba-urges-us-house-small-business-committee-to-extend-and-expand-homebuyer-tax-credit/ […]

  • Hello there, just became alert to your blog through Google, and found that it’s really informative. I am going to watch out for brussels. I will appreciate if you continue this in future. Lots of people will be benefited from your writing. Cheers!

  • … [Trackback]

    […] Find More on that Topic: stlouisrealestatenews.com/real-estate-market/real-estate-market-general/mba-urges-us-house-small-business-committee-to-extend-and-expand-homebuyer-tax-credit/ […]

  • … [Trackback]

    […] Read More on to that Topic: stlouisrealestatenews.com/real-estate-market/real-estate-market-general/mba-urges-us-house-small-business-committee-to-extend-and-expand-homebuyer-tax-credit/ […]

  • … [Trackback]

    […] Info on that Topic: stlouisrealestatenews.com/real-estate-market/mba-urges-us-house-small-business-committee-to-extend-and-expand-homebuyer-tax-credit/ […]

  • I?¦ve read several good stuff here. Certainly price bookmarking for revisiting. I wonder how a lot effort you place to make one of these wonderful informative site.

  • Pretty component to content. I just stumbled upon your site and in accession capital to say that I get in fact loved account your weblog posts. Any way I’ll be subscribing to your feeds and even I achievement you get admission to constantly quickly.

  • I love it when people come together and share opinions, great blog, keep it up.

  • I was just searching for this info for a while. After 6 hours of continuous Googleing, at last I got it in your website. I wonder what is the lack of Google strategy that don’t rank this type of informative websites in top of the list. Generally the top web sites are full of garbage.

  • of course like your website but you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I find it very troublesome to tell the truth then again I?¦ll definitely come again again.

  • great post, very informative. I wonder why the other experts of this sector do not notice this. You should continue your writing. I am confident, you have a great readers’ base already!

  • I am often to blogging and i really appreciate your content. The article has really peaks my interest. I am going to bookmark your site and keep checking for new information.

  • Hello there! I could have sworn I’ve been to this blog before but after browsing through some of the post I realized it’s new to me. Anyways, I’m definitely glad I found it and I’ll be book-marking and checking back often!

  • … [Trackback]

    […] Read More Information here to that Topic: stlouisrealestatenews.com/real-estate-market/mba-urges-us-house-small-business-committee-to-extend-and-expand-homebuyer-tax-credit/ […]

  • Wonderful goods from you, man. I’ve bear in mind your stuff prior to and you are simply extremely wonderful. I really like what you’ve got here, really like what you’re stating and the way in which during which you assert it. You make it entertaining and you continue to take care of to stay it smart. I can’t wait to read far more from you. That is really a terrific web site.

  • Good post however I was wanting to know if you could write a litte more on this subject? I’d be very grateful if you could elaborate a little bit more. Appreciate it!

  • I very like this blog. Everything is cleared.

  • … [Trackback]

    […] Read More on on that Topic: stlouisrealestatenews.com/real-estate-market/mba-urges-us-house-small-business-committee-to-extend-and-expand-homebuyer-tax-credit/ […]

  • I regard something really special in this internet site.

  • I loved as much as you’ll receive carried out right here. The sketch is tasteful, your authored material stylish. nonetheless, you command get bought an nervousness over that you wish be delivering the following. unwell unquestionably come further formerly again as exactly the same nearly very often inside case you shield this hike.

  • … [Trackback]

    […] Here you can find 76961 additional Information to that Topic: stlouisrealestatenews.com/real-estate-market/mba-urges-us-house-small-business-committee-to-extend-and-expand-homebuyer-tax-credit/ […]

  • … [Trackback]

    […] Find More Info here on that Topic: stlouisrealestatenews.com/real-estate-market/real-estate-market-general/mba-urges-us-house-small-business-committee-to-extend-and-expand-homebuyer-tax-credit/ […]

  • What’s Happening i’m new to this, I stumbled upon this I’ve found It positively useful and it has aided me out loads. I hope to contribute & assist other users like its aided me. Good job.

  • I like what you guys are up also. Such clever work and reporting! Carry on the excellent works guys I?¦ve incorporated you guys to my blogroll. I think it will improve the value of my website :)

  • You are my inhalation, I own few blogs and sometimes run out from post :). “Fiat justitia et pereat mundus.Let justice be done, though the world perish.” by Ferdinand I.

  • I always was concerned in this topic and still am, appreciate it for putting up.

  • so much excellent information on here, : D.

  • Pretty section of content. I just stumbled upon your website and in accession capital to say that I acquire in fact enjoyed account your weblog posts. Any way I will be subscribing to your feeds or even I fulfillment you get right of entry to consistently fast.

  • Hey I am so delighted I found your website, I really found you by mistake, while I was searching on Askjeeve for something else, Anyways I am here now and would just like to say thanks for a incredible post and a all round interesting blog (I also love the theme/design), I don’t have time to look over it all at the minute but I have bookmarked it and also included your RSS feeds, so when I have time I will be back to read more, Please do keep up the superb job.

  • F*ckin’ amazing things here. I am very glad to see your post. Thanks a lot and i am having a look forward to touch you. Will you kindly drop me a e-mail?

  • Keep functioning ,remarkable job!

  • It¦s really a cool and helpful piece of info. I¦m satisfied that you shared this useful information with us. Please keep us up to date like this. Thanks for sharing.

  • There is noticeably a bundle to know about this. I assume you made certain nice points in features also.

  • Hello, Neat post. There’s an issue together with your web site in internet explorer, may check this?K IE still is the marketplace leader and a large part of people will omit your great writing because of this problem.

  • Good day! This post could not be written any better! Reading this post reminds me of my previous room mate! He always kept talking about this. I will forward this post to him. Fairly certain he will have a good read. Thanks for sharing!

  • Appreciate it for this grand post, I am glad I noticed this site on yahoo.

  • There are actually quite a lot of details like that to take into consideration. That may be a great point to carry up. I offer the ideas above as normal inspiration but clearly there are questions just like the one you carry up where crucial factor will probably be working in sincere good faith. I don?t know if finest practices have emerged round issues like that, but I am positive that your job is clearly identified as a good game. Each girls and boys really feel the impact of just a second’s pleasure, for the remainder of their lives.

  • get

    certainly like your web site but you need to take a look at the spelling on several of your posts. Many of them are rife with spelling problems and I to find it very troublesome to tell the reality on the other hand I’ll definitely come again again.

  • I have recently started a site, the info you offer on this site has helped me tremendously. Thank you for all of your time & work. “So full of artless jealousy is guilt, It spills itself in fearing to be spilt.” by William Shakespeare.

  • I’d must verify with you here. Which is not something I normally do! I enjoy studying a publish that can make folks think. Also, thanks for allowing me to remark!

  • … [Trackback]

    […] Find More Information here on that Topic: stlouisrealestatenews.com/real-estate-market/real-estate-market-general/mba-urges-us-house-small-business-committee-to-extend-and-expand-homebuyer-tax-credit/ […]

  • Nice read, I just passed this onto a colleague who was doing some research on that. And he just bought me lunch as I found it for him smile Therefore let me rephrase that: Thanks for lunch!

  • … [Trackback]

    […] Read More Information here to that Topic: stlouisrealestatenews.com/real-estate-market/mba-urges-us-house-small-business-committee-to-extend-and-expand-homebuyer-tax-credit/ […]

  • I simply want to say I am just all new to blogging and seriously liked your web blog. Almost certainly I’m going to bookmark your website . You surely come with beneficial articles and reviews. Many thanks for sharing your web-site.

  • I simply could not go away your website before suggesting that I really loved the standard information a person supply in your guests? Is gonna be again often in order to inspect new posts

  • Awsome blog! I am loving it!! Will be back later to read some more. I am taking your feeds also.

  • Wow! Thank you! I permanently wanted to write on my site something like that. Can I take a portion of your post to my site?

  • Thanks for another magnificent article. The place else could anybody get that type of info in such an ideal method of writing? I’ve a presentation subsequent week, and I’m at the look for such info.

  • I am not certain where you’re getting your info, however good topic. I needs to spend some time studying much more or figuring out more. Thank you for magnificent info I was searching for this information for my mission.

  • I was wondering if you ever considered changing the page layout of your blog? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or two pictures. Maybe you could space it out better?

  • Wow, marvelous blog layout! How long have you been blogging for? you made blogging look easy. The overall look of your site is excellent, let alone the content!

  • As I site possessor I believe the content material here is rattling great , appreciate it for your efforts. You should keep it up forever! Good Luck.

  • The other day, while I was at work, my sister stole my iPad and tested to see if it can survive a 25 foot drop, just so she can be a youtube sensation. My apple ipad is now destroyed and she has 83 views. I know this is completely off topic but I had to share it with someone!

  • hey there and thanks on your info – I have certainly picked up something new from proper here. I did alternatively experience a few technical issues the usage of this website, since I experienced to reload the website lots of times previous to I could get it to load properly. I have been considering in case your hosting is OK? Not that I’m complaining, however slow loading cases instances will sometimes affect your placement in google and can harm your high quality ranking if ads and ***********|advertising|advertising|advertising and *********** with Adwords. Well I’m including this RSS to my e-mail and can look out for much more of your respective fascinating content. Ensure that you update this once more soon..

  • extremely confidence [url=http://www.viagrapid.com/]order viagra online cheap[/url]just strainprimarily check order viagra online rarely initiative

  • Very interesting topic, thankyou for putting up.

  • I’m impressed, I need to say. Really rarely do I encounter a blog that’s each educative and entertaining, and let me let you know, you have got hit the nail on the head. Your idea is outstanding; the problem is one thing that not sufficient individuals are talking intelligently about. I’m very completely happy that I stumbled throughout this in my seek for something referring to this.

  • Hey! I just would like to give an enormous thumbs up for the great information you have right here on this post. I will be coming again to your blog for extra soon.

  • Real instructive and wonderful complex body part of content, now that’s user pleasant (:.

  • Thank you for sharing with us, I believe this website really stands out : D.

  • I will right away grasp your rss as I can’t find your email subscription link or newsletter service. Do you have any? Kindly allow me recognize in order that I could subscribe. Thanks.

  • I dugg some of you post as I thought they were handy invaluable

  • You got a very fantastic website, Sword lily I discovered it through yahoo.

  • I used to be recommended this web site by means of my cousin. I am not positive whether or not this put up is written by way of him as nobody else recognize such detailed about my difficulty. You are incredible! Thank you!

  • Generally I do not read post on blogs, but I wish to say that this write-up very forced me to try and do so! Your writing style has been amazed me. Thanks, very nice article.

  • Hmm it appears like your site ate my first comment (it was extremely long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog blogger but I’m still new to the whole thing. Do you have any suggestions for inexperienced blog writers? I’d really appreciate it.

  • Excellent beat ! I wish to apprentice while you amend your web site, how could i subscribe for a blog site? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast offered bright clear concept

  • I’ve been exploring for a bit for any high-quality articles or blog posts on this sort of area . Exploring in Yahoo I at last stumbled upon this website. Reading this info So i am happy to convey that I’ve a very good uncanny feeling I discovered just what I needed. I most certainly will make certain to don’t forget this site and give it a look regularly.

  • I like the helpful info you provide in your articles. I’ll bookmark your weblog and check again here frequently. I’m quite certain I will learn a lot of new stuff right here! Best of luck for the next!

  • Hi, i believe that i saw you visited my website thus i came to “return the want”.I am trying to to find things to improve my web site!I assume its adequate to use a few of your concepts!!

  • I have been absent for a while, but now I remember why I used to love this web site. Thanks , I¦ll try and check back more often. How frequently you update your website?

  • I am so happy to read this. This is the kind of manual that needs to be given and not the random misinformation that’s at the other blogs. Appreciate your sharing this best doc.

  • Hello. magnificent job. I did not imagine this. This is a great story. Thanks!

  • As I website possessor I think the articles here is rattling excellent, thanks for your efforts.

  • I got good info from your blog

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>