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Midyear Meetings Legislative Update

5/23/2011

Good morning Members,

The update is being sent to you to keep you in the loop.

2011 Midyear Meeting

The Hill visits this year focused on five (5) important issues. During these visits, members from around the nation visited their representatives in Congress to urge them to:

Reauthorize the National Flood Insurance Program for at least five (5) years to avoid lapses in the program that hurt home sales. For example, the June 2010 lapse resulted in 47,000 delays or cancellations.

Enact comprehensive legislation to restructure the secondary mortgage market (AKA, GSE Reform) in a manner that provides the federal government a continued role to ensure mortgage liquidity in all markets under all economic conditions.

Oppose the proposed regulations that include a mandatory increase in mortgage down payments for Qualified Residential Mortgages (QRM’s). If they go into effect, the 20% down payment will become a reality. The NAR Call for Action on this issue is now live. If you haven’t yet responded this is important CFA, here is the link: https://realtorparty.realtoractioncenter.com/site/Advocacy?cmd=display&page=UserAction&id=1565

Extend the current loan limits for FHA and GSE’s.

Preserve the tax rules that apply to home ownership, especially the mortgage interest deduction (MID). On this issue, the Hill visits made an impact. The number of cosponsors of House Resolution 25 (supporting the preservation of the tax deduction on mortgage interest for the first and second home) is now up from 70 to 124. To see the updated list of signers, go to: http://thomas.loc.gov/cgi-bin/bdquery/z?d112:H.RES.25:@@@P

Pass H.R. 1498 the “Prompt Decision for Qualification for Short Sales Act of 2011,” that will require servicers to approve or disapprove a short sale within 45 days of a request for approval of a short sale.

Locally

Charles and St. Mary’s Counties are in the process of update all or a portion of their comprehensive plan. Members from Charles County are encouraged to participate in the on-line citizens’ survey at: http://www.surveymonkey.com/s/CharlesCountyPlan

St. Mary’s County members are encouraged to participate in the on-line citizens’ survey for the Lexington Park master plan update at: https://www.surveymonkey.com/s/K9C5XTG

Important Upcoming Public Hearing

Charles County will hold its public hearing for the constant yield tax rate and the FY2012 budget on Wednesday, May 25^th in the Commissioner Meeting Room located at the Charles County Government Building. Public attendance and comment are welcome. The constant yield tax rate hearing begins at 6:30 p.m. followed by the FY2012 budget hearing at 7:30 p.m.

Please take the time to get involved, you are a member of the largest trade association in Southern Maryland. Your voice counts only when you use it!

Southern Maryland Association Of Realtors

Midyear Meetings Legislative Update