WASHINGTON, D.C. – December 5, 2013 – (RealEstateRama) — This week, NAR has sent letters to legislators on Capitol Hill highlighting the three major pieces of legislation that need to get finished before the year ends:
Flood Insurance: H.R. 3370 / S. 1610. The Call for Action is still live as well. There are currently 142 cosponsors in the House & 24 cosponsors in the Senate. (If you haven’t taken Action yet, please click here)
Mortgage Cancellation Debt Relief: H.R. 2994 / S. 1187. The current provision is set to expire at the end of December without congressional action. There are currently 29 cosponsors in the House and 15 cosponsors in the Senate.
Mortgage Choice Act: H.R. 3211 / S. 1577. This legislation would amend the QM rule to treat affiliated closing costs the same as non-affiliated closing costs. There are currently 26 cosponsors in the House and 7 cosponsors in the Senate.
In addition, NAR sent a letter to Capitol Hill on patent reform. Several REALTORS® have reported receiving threatening patent infringement letters from patent trolls seeking settlements for allegedly violating a license on commonly used products or technologies. The patent reform legislation will likely receive a floor vote this week and is supported by NAR.
To view each letter, please click here.
The MAR will continue to keep the membership updated on each of these issues.