REALTORS Urge Passage of Small Business Lending Enhancement Act & Responsible Homeowner Refinancing Act
On December 6, NAR, in coalition with the National Association of Home Builders, sent a letter to the United States Senate urging swift passage of S. 2231, the “Small Business Lending Enhancement Act of 2012,” sponsored by Senator Udall (D-CO) and S. 3522, the “Responsible Homeowner Refinancing Act of 2012,” introduced by Senators Menendez (D-NJ) and Boxer (D-CA).
S. 2231 increases the cap on member business lending (MBL) from 12.25% to 27.5% of total assets for well-capitalized credit unions, and will create a new source of capital to refinance commercial loans. S. 3522 offers relief to homeowners who continue to meet their mortgage obligation during this economic downturn.
NAR believes enactment of both pieces of legislation is vital to the recovery of the fragile commercial and residential real estate markets.
NAR will continue to urge the swift passage of both pieces of legislation.
SOURCE: NAR, Vijay Yadlapati, Charles Dawson, Ken Trepeta