Reichert Backs Housing Relief Measures

Press Release

Reichert Backs Housing Relief Measures

Congressman Dave Reichert (WA-08) today voted in favor of a housing package intended to bring relief to our nation's struggling housing market. The package included several measures, including a long-sought overhaul of mortgage giants Fannie Mae and Freddie Mac, a modernization of the Federal Housing Administration (FHA), an expansion of the FHA's loan guarantee program and a housing-focused tax measure that will give an important tax credit to first-time home buyers.

"In this period of market turmoil, we must provide immediate assistance to homeowners who have fallen on difficult times through no fault of their own, but we must also take up long-term solutions to stabilize our economy," said Reichert. "Appropriate assistance and mortgage products must be available for worthy homebuyers, and we must continue to crack down on predatory lenders and offer tax incentives to homebuyers without giving a free pass to the bad actors who contributed to this market downturn.

"But it would be near-sighted not to simultaneously tackle the long-term solutions that grow our economy and create jobs. We must make permanent critical tax relief for families, individuals, and businesses. This includes the deduction for state sales tax that affects every single Washington taxpayer, the 15% capital gains rate, and the child tax credit. We must also continue to enact free trade agreements to open new markets for American businesses and create more jobs for American workers."

Washington State currently ranks 48th out of the 50 states in terms of our foreclosure rate. Congressman Reichert will continue to focus on bringing stability to the markets so that home prices in Washington State aren't affected by plummeting home values and foreclosures in other parts of the country.

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