ICBA applauds efforts to bolster housing marketMortgagePress.comICBA, U.S. House of Representatives, American Housing Rescue and Foreclosure Prevention Act of 2008, HR 3221, Federal Home Loan Bank Community Development
The Independent Community Bankers of America (ICBA) applauds the
current legislative effort in the U.S. House of Representatives to
bolster the troubled housing sector by advancing the American
Housing Rescue and Foreclosure Prevention Act of 2008 (HR
3221).
"Common sense community bank lenders did not cause the current
housing crisis, but we are well positioned and ready and able to
help," ICBA said in a letter to the House. "ICBA believes several
key provisions in H.R. 3221 will greatly alleviate problems facing
homeowners, the troubled housing sector and the broad economy."
Specific ICBA-inspired provisions included in the measure
are:
• A first-time homebuyer tax credit initially proposed as
part of ICBA's
nine-point economic stimulus proposal presented to Congress in
January.
• Federal Home Loan Bank Community Development provisions
that would expand FHLBanks' support for communities by increasing
the number of community banks eligible for advances used to fund
small business and agricultural loans and expand collateral to
include community development loans.
• Permanently increase the Fannie Mae and Freddie Mac
conforming loan limit in areas with high housing costs.
• Allow the FHLBanks to guarantee community bank letters
of credit issued to enhance the credit rating of local government
bonds thus ensuring that municipal bonds guaranteed in this manner
are tax-exempt just like bonds guaranteed by private bond
insurers.
The ICBA supports Congress's efforts to assist the troubled
housing sector and the broader economy and looks forward to working
with lawmakers in passing this important legislation.
Read ICBAs entire letter at www.icba.org.
