The National Association of REALTORS'

**ncbuyersagent** · 02-16-2009, 12:48 PM

We look at the Stimulis package AND the Treasury's package holistically, in compliment with each other - mostly because that's how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem.

So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).

We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had.

While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again.

**jamesww** · 02-16-2009, 08:05 PM

Originally Posted by ncbuyersagent

We look at the Stimulis package AND the Treasury's package holistically, in compliment with each other - mostly because that's how the Obama team is looking at it. Your representatives, the NAR Board of Directors, asked us in November to do 4 things (with an unspoken but clearly understood mandate to PRESERVE what we already have). Here they are: 1) get loan limits raised for high cost areas, 2) make the $7,500 tax credit NOT a loan, 3) try to find ways to push interest rates down (which are higher than they should be due to systemic risk right now) by 200 basis points, and 4) help provide solutions to the foreclosure/short sale problem.

So here's what we have achieved: 1) the loan limits will be raised to $727,000 in high cost areas, 2) the tax credit will be raised to $8,000 with NO payback [a true credit], 3) interest rates have come down 125-150 basis points, and 4) the bill has over $50 billion in it for foreclosure mitigation, with Geitners Treasury plan signaling that the second half of TARP and TALF will be used to mitigate foreclosures through a government guarantee, drive down interest rates by buying another $200-300 billion of mortgage paper from the GSES's thereby freeing them up to do the same with new mortgages, and Fannie has just agreed to lift the cap of 4 investment properties eligible for loans and raise it to 10.

In addition, we preserved what we have - which some tend to forget is always on the table when these negotiations start up again - mortgage interest deductability, real estate tax deductability, and the $250,000/$500,000 cap gains exclusion (an overall package worth more than $100 billion and for some a very attractive funding source for their pet projects).

We did make a run at the $15,000 credit -- and we would have loved to have gotten that or the Homebuilders $22,000 credit idea as well as their 5 year loss carryback deal, but they were considered too rich for this program. What it did do though is totally take the debate off of whether a tax credit should be reinstated at all (it expired last year) and whether it was a true credit or a repayable loan, and kept the conversation on how much it should be. It also kept the debate off of 'what we are willing to give up to get a $15,000 tax credit' and kept the debate again, on how much it should be. It's pretty hard to complain when they give you what you ask for and you lose something you never had.

While we study the Treasury specifics on their major role in providing the rest of the housing solution -- there is much more to come and we are working diligently with the Administration to help 'unclog the pipeline' and get capital flowing into housing again.

What made you think that people on here needed this post? Most of us all got this exact email and it is obviously not unique content.

**ncbuyersagent** · 02-17-2009, 07:11 AM

In response to the genius that wrote, "What made you think that people on here needed this post. Most of us all got this exact email and it is obviously not unique content."
Then don't read it if you have already seen it. Maybe other people that I send here will get something out of it. You must have nothing better to do than ***** and moan, so find another hobby or track down some more leads. I'm sure you could use more leads. Have a great day.

**Greg** · 02-18-2009, 07:35 AM

I think James point is that we are not supposed to post other peoples work on this forum. You did. You broke the rules and you had a nasty attitude when it was pointed out.

If you want to get the most out of this forum I would suggest you try to be a little more polite. As it is now, anybody who reads this thread will see you as being immature and not take your posts seriously.

Good luck.

Oh, and I can't believe you would send anyone one here to read your post with the things you said to James.

**ncbuyersagent** · 02-18-2009, 08:15 AM

If I ever get a message with this better than thou attitude (his comments being "What made you think that people on here needed this post. Most of us all got this exact email and it is obviously not unique content."), I will defend it the same way. Nobody wants to hear that crap from some dude that for all we know, sits online all day finding fault with everything and everyone. I'm sure James is a fine person, but there just may have been a better way to point out the obvious. Have a good day, even you James.

**jamesww** · 02-18-2009, 11:15 PM

Greg was right on in regards to my post. I get irritated seeing the same stuff posted in different places, especially when it is simply cut and paste of what someone else has produced. This forum is busy enough with quality posts, spammers, and people making bs posts that it makes it difficult for a busy guy like myself to keep up with the forum posts. Please do not clutter up the forum with unneeded posts. I maybe selfish but I am starting to get very busy as the selling season is coming on yet would like to keep up with the forum and unnecessary posts like this make that very difficult.