Roundtable Releases Recommendations to Reinvigorate U.S. Housing Market
Published On: June 11, 2009
RISMEDIA, June 11, 2009-The Housing Working Group of Business Roundtable, an association of chief executive officers of leading U.S. corporations, announced bipartisan proposals to help return stability and growth to the U.S. housing market.
The group strongly believes adoption of its proposals will have a cascade effect, creating jobs and hastening U.S. economic recovery. The group’s recommendations are to:
1. Keep mortgage interest rates at historically low levels (below 5%) for at least one year;
2. Expand the current First-Time Home Buyer Tax Credit incentive from the lesser of 10% of the purchase price of the home or $8,000 to a higher limit of either 10% or $15,000 for all home buyers, remove the income restrictions and include all primary residence purchases for one full year;
3. Conduct a thorough review of current foreclosure mitigation and loan-modification programs in light of rising loan-modification re-default rates;
4. Make permanent the current temporary conforming loan limits; and
5. Continue to review and strengthen government efforts already underway to review and refine mortgage lending practices.
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