Industry groups send letter advocating for extension of homebuyer tax credit

The Mortgage Bankers Association (MBA), along with the National Association of Realtors (NAR) and the National Association of Homebuilders (NAHB), sent a letter to senior Obama Administration officials requesting their support for a 12-month extension of the first-time homebuyer tax credit. The letter, addressed to Treasury Secretary Geithner, HUD Secretary Donovan and National Economic Council Chair Summers, outlines why the three organizations believe that tax credit has had a stimulative effect on not only the housing market, but on the U.S. economy as a whole. A copy of the letter may be found below. For more information, visit MortgageBankers.org.