Correspondence from Senator Reid
April 29, 2009
WWW.HOMEOWNERSWAKEUP.COM
1750 N. Buffalo #104-#106
Las Vegas, Nevada 89128
/e-mail: sageera@embarqmail.com/
Thank you for contacting me to share your ideas. I appreciate hearing from you.
Recent downturns in the global markets have demonstrated the need for Washington to take urgent action to revitalize our nation's faltering economy. In the face of rising energy and food prices, widespread foreclosures, and a lagging job market, I am acutely aware of the significant economic hardships that many Americans face. That is why I worked hard to pass an economic recovery package aimed at providing relief for distressed families everywhere.
I share your view that the housing market plays a vital role in the financial sector and stabilizing this industry is a key component of our economic recovery. While my colleagues and I passed legislation in the 110th Congress to help homeowners refinance their mortgage and create incentives for new homebuyers, there is more work to be done to strengthen the housing market. Distressed homeowners need solutions that help them keep them in their homes, including those whose negative equity has made them victims of the housing downturn through no fault of their own.
You may be interested to learn that the American Recovery and Reinvestment Act (P.L.111-05) provides an $8,000 tax credit to all homebuyers, which will help increase the demand for homes in the housing market. This package also retained the 2008 loan limits for Federal Housing Administration insured and conforming loans through 2009. Additionally, Treasury Secretary Geithner has expressed his commitment to using part of the second half of the funds allocated to the Troubled Asset Relief Program (TARP) last fall to address the housing crisis. Particularly, the Treasury is working towards reducing mortgage rates, preventing avoidable foreclosures, and requiring all financial stability plan recipients to participate in foreclosure mitigation plans. I will continue to monitor this effort as the Treasury works toward achieving these goals.
As my colleagues and I seek ways to address the economic downturn and the housing crisis, I greatly appreciate you taking the time to share your thoughts and ideas on how best to confront these challenges. As Nevada's senior senator and the Senate Majority Leader, I am committed to doing all I can to strengthen our nation's economy and provide millions of hardworking Americans with the relief they deserve.
Again, thank you for taking the time to share your thoughts with me. For more information about my work for Nevada, my role in the United States Senate Leadership, or to subscribe to regular e-mail updates on the issues that interest you, please visit my Web site at http://reid.senate.gov. I look forward to hearing from you in the near future.
My best wishes to you.
Sincerely,
HARRY REID
United States Senator
Nevada
HR:cs
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WE HAVE TO START WORKING WITHIN OUR OWN COMMUNITIES, AND AS SOON AS POSSIBLE.
HOMEOWNERS DO NOT NEED ANY ASSOCIATION TO COORDINATE THEIR NEW, INCREASED SALE PRICES IN THEIR NEIGHBORHOOD.
PLEASE LET US KNOW WHAT YOU DO TO FIGHT PRICE-REDUCING HYSTERIA.
e-mail us:
sageera@embarqmail.com
SIGN INDEPENDENT PROPERTY OWNERS
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THANK YOU FOR THINKING SOBERLY AND MAKING AN INTELLIGENT CHOICE
