Industry Leaders Push Congress to Help Housing

The Housing Working Group of the Business Round Table recently released detailed recommendations for Congress and the White House aimed at jump-starting the housing market and the economy in general.

One key action the group is pushing for is expansion of the existing $8,000 tax credit for first-time buyers to a maximum $15,000 tax credit for all home buyers, with no income limitations, and the removal of several other restrictions.

Other recommendations of the group include:

• Keep mortgage interest rates at historically low levels (below 5 percent) for at least one 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
• Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices