NAR Members Caution Lawmakers on MID
In a move to send a preemptive message to lawmakers, the NATIONAL ASSOCIATION OF REALTORS® is asking its members to contact their representatives in Congress by phone with a stern warning about the dangers to the housing market and the economy of reducing or eliminating the mortgage interest deduction (MID) and other programs that bolster home ownership.

The Call for Action came just hours after President Obama’s bipartisan Federal Deficit Reduction Commission yesterday unveiled its plan, which calls for significant reductions to the MID.

The report of the commission, which was created earlier this year to map out ways to reduce the deficit by $4 trillion by the end of the decade, is slated to be voted on by commission members by Friday.

Although it’s not clear the final report will be passed, since passage requires a vote of at least 14 of its 18 members, REALTORS® say they're making their voice heard now, because individual recommendations like cuts to MID and other programs that benefit home ownership could be included in federal budget legislation in early 2011, without regard to what the commission does.

More information on NAR’s efforts to protect home ownership and to preserve MID and other federal programs that reflect the country’s historical commitment to home ownership is at Home Ownership Matters on Realtor.org.

Source: NAR