Folks there are some great pieces of legislation that have been introduced that would provide much needed relief and oversight for the real estate industry and consumer.
First we have S.1394, the Mortgage Cancellation Tax Relief Act. This piece of legislation was introduced this week by Senators Debbie Stabenow (D-Mich.) and George Voinovich (R-Ohio). The goal is to limit or alleviate the tax burden when someone has experienced a true economic loss. This is a huge issue for many families, especially with today's market conditions and the sub-prime loan mess. To get more information, please read, NAR-Do Away with the Phantom Tax.
We also have a bill, Community Choice in Real Estate Act (H.R. 111) to preserve a separation of banking and real estate, by keeping banks out of real estate. To read more, please see Banks in Real Estate Issue Takes on New Urgency.
If either of these potential pieces of legislation resonate with you, please email or write your local House representatives, and/or U.S. Senators and let them how you feel! Elected officials do keep a log of written letters and many are now keeping track of emails to in order to measure the pulse of their constituency.
