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Digital Photo - Click Here. For Immediate Release: NJAR® President Bonnie Fitzgerald Attends REALTOR® Conference in Washington, D.C.New Jersey Association of REALTORS® (NJAR®) President Bonnie Fitzgerald of Sea Girt, NJ was one of the record 10,000 attendees at the NATIONAL ASSOCIATION OF REALTORS® (NAR) Midyear Legislative Meetings & Trade Expo, held May 15-20, 2006 in Washington, D.C. During the six-day meetings, REALTORS® attended seminars on the economy, public policy, equal opportunity and diversity, land use and property rights, the environment, international real estate and housing opportunities. Fitzgerald and other NJAR® members visited Capitol Hill to meet with New Jersey's congressional representatives and express their concerns on a variety of issues affecting homeowners, potential homebuyers and real estate in general. The top issues included the Expanding American Homeownership Act of 2006, the Community Choice in Real Estate Act, and preservation of the mortgage interest deduction. "REALTORS® care about our communities," said Fitzgerald. "We are advocates for private property rights and pursuit of the American dream. That's why we come together each year to voice our concerns and share ideas with policymakers in Washington." REALTORS® urged for Congressional support of H.R. 5121, the Expanding American Homeownership Act of 2006. The bill will eliminate the 3 percent downpayment requirement, thus allowing the Federal Housing Administration (FHA) to offer flexible downpayment terms. In high cost areas, H.R. 5121 would increase the loan limit from $362,790 to $417,000. In non-high cost areas this legislation would increase the loan limit from $200,160 to $271,050 for single unit homes. A third focal point of the bill would allow FHA to use risk-based pricing for their premiums. This would allow FHA to offer differing upfront and monthly premiums to borrowers based on risk. At the Midyear meetings, REALTORS® also pressed Congress for passage of the Community Choice in Real Estate Act (H.R. 111 and S. 98), which would prohibit large banks from engaging in real estate brokerage or property management activities. REALTORS® expressed that allowing national banks to sell or manage real estate will result in a negative impact on communities across America, leaving home buyers and sellers with fewer choices, higher loan fees and reduced customer service. Preservation of the mortgage interest deduction was also at the forefront of the agenda during the visits to Capitol Hill. Current law permits deductions of the interest paid on combined mortgage debt of up to $1 million on a primary residence and one additional residence. In addition, the interest paid on home equity loans of up to $100,000 may be deducted. REALTORS® expressed the importance of maintaining the mortgage interest deduction as is to preserve and expand the homeownership rate. NAR's next meeting, the 2006 REALTORS® Conference & Expo, will take place November 10-13, 2006 in New Orleans, Louisiana. More than 30,000 REALTORS® and guests are expected to attend. # # # The NATIONAL ASSOCIATION OF REALTORS®, "The Voice for Real Estate" is America's largest professional association, representing more than one million members involved in all aspects of the residential and commercial real estate industries. The New Jersey Association of REALTORS® is a non-profit organization serving the professional needs of approximately 55,000 REALTOR® and REALTOR-ASSOCIATE® members in the state. REALTOR® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR® organization's strict Code of Ethics and are members of the National, State and Local REALTOR® organizations.
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