NAR recently reported on legislation signed into law by President Obama that taxes housing to pay for the extension of the payroll tax, and maintain Medicare payments and unemployment benefits.
Despite NAR's strong opposition to the diversion of housing resources to pay for non-housing uses, increases in Guarantee Fees on Fannie/Freddie mortgages and premium charges for FHA loans are being used to pay for the extensions. These increases will translate into additional costs for housing consumer and will divert fees needed to minimize the loss exposure of the government-sponsored enterprises, investors, and ultimately, the taxpayer.
C.A.R. recently sent comments letters to the California Congressional Delegation expression opposition to this new law.
Read the letter