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Rep. Foster Holds Town Hall With Realtors In Woodridge

Aug 8, 2013
Press Release
Discuss Mortgage Reform, Immigration Reform, Marketplace Fairness Act

Foster talks with Illinois realtors

Washington, D.C.—Wednesday in Woodridge, Congressman Bill Foster held a town hall style discussion with local realtors.  At the meeting, they discussed mortgage reform, immigration reform and the Marketplace Fairness Act.

“Improving our housing market, increasing access to affordable housing and protecting against future housing bubbles are among my top priorities in Congress, so I was pleased to hear directly from realtors about how policies are impacting their industry,” said Foster. “I look forward to continuing to meet with constituents throughout the district to learn more about what we can do to increase opportunity and improve our communities.”

A key issue of discussion was widespread opposition to the PATH Act, Republican legislation which would end the affordable 30-year fixed rate mortgage by removing the government backed guarantees. The 30-year fixed rate mortgage is good for consumers, but investors are unlikely to offer such long-term financing at an affordable price without a government guarantee, because of this, the PATH Act is strongly opposed by business groups such as the National Association of Realtors and the National Association of Home Builders. 

In July, Foster introduced an amendment to the PATH Act that would protect affordable mortgage rates for the middle class, allowing working families to realize the dream of home ownership. 

Another important topic was the Marketplace Fairness Act – legislation that would level the playing field for brick and mortar businesses by requiring online retailers to collect sales tax.  According to the National Conference of State Legislatures, Illinois is one of the top five states in estimated revenue loss from untaxed internet sales at $1 billion.  Foster is a cosponsor of the Marketplace Fairness Act in the House.

They also discussed comprehensive immigration reform.  According to the 2012 State of Hispanic Homeownership Report, it is likely that immigration reform could generate 3 million new Hispanic homebuyers over the next several years.