Proposed Reforms of Concern to All Home Owners

At the National Association of REALTORS Mid-Year Conference in Washington, D.C. there was much discussion regarding several reforms proposed by regulators that would negatively impact homeowners and sellers.

The Mortgage Interest Deduction (MID) is of concern to all homeowners. This tax deduction has been around for over 100 years and undoubtedly makes a huge difference at tax time. Be sure to let your congressman know that you do not want to see the MID reduced or taken away.

Other critical issues we discussed include:

  • Mortgage Assistance Relief Services (MARS) — Additional disclosures would be required for those facing foreclosure or short sale. The NAR has been working with FTC regulators to modify the language.
  • Qualified Residential Mortgage (QRM) — Presented as reforms to prevent another mortgage meltdown crisis, this regulation may easily take home ownership way beyond the reach of the average American. the NAR is working to protect the interests of homeowners.

During these meetings, our delegation and I personally met with several politicians, included Senators Al Franken and Amy Klobuchar and Representatives Tim Walz, Eric Paulson, and Michelle Bachman, to help them understand the problems these types of reforms would create.

From time to time our state and national boards will send out a Call To Action whereby we can very easily send an email to our elected political leaders in our respective districts calling attention to the importance of any particular urgent issue at the time. If you would like to be added to my Call To Action list where you too can also make your voice heard, please send me your name and email address and I would be happy to add you to the list.

If you have any questions about these issues, please don’t hesitate to contact me. As always, I am working to make your home buying and selling a rewarding experience.

Shawn Buryska, Coldwell Banker Burnet Realty, Licensed in the state of Minnesota

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