Issue Position: Housing
Owning a home is part of the American dream, but unfortunately, the downturn in the housing industry has had a ripple effect across all sectors of the financial market and the economy as a whole. Georgians have certainly felt the impact of this crisis. In an effort to reinvigorate the housing market, I am an original co-sponsor of S. 2566, legislation sponsored by Sen. Johnny Isakson (R-GA) to provide a federal income tax credit for the purchase of certain new and foreclosed upon homes. This legislation passed as an amendment to the Foreclosure Prevention Act, which will help prevent declining property values for homeowners and hopefully bring the market back to an even keel. A similar tax credit was invoked by Congress in the mid-1970s, when the housing market was in a similar crisis. I will also continue to work to ensure that the free-flow of information between the borrower, broker, and lender is open and fair.
I appreciate your comments on this important matter. As our nation experiences the challenges you outlined, I will keep your views in mind as my colleagues and I weigh the various legislative proposals before the Senate. I have closely reviewed the recent decisions implemented by the Secretary of the Treasury and the Chairman of the Federal Reserve and, in general, support their efforts. As we move forward in the Senate, the state of the economy and the support of legislation that will enable our economy to improve are and will remain uppermost in my mind.