On Wednesday, May 14, Virginia REALTORS® met at the US Capitol to hear from Senator Kaine and Senator Warner. Both Senators spoke and gave updates on how the United States is currently and what we should be looking to in the future. There were 5 main issues they went over.
1. Flood Insurance – The bill did pass but we need to look to the future. The current fix is a short term fix and we need to figure out how to make a better and longer fix in the future.
2. Tax Extender Bill – The current tax extender bill has a provision to help homeowners with short sales and loan modifications, so they are not hit with capital gains tax.
3. Student Debt Is the Next Financial Crisis – Currently, there is $1.2 trillion in student debt in the US, which is more than credit card debt. We need to think of creative ways to refinance debt.
4. Fannie and Freddie – Need to think of new creative ideas to fix Fannie and Freddie and would like greater REALTOR® support on the issue.
5. Sequestration Is Coming Back – Sequestration hits VA hard. Not only military and government jobs but hurts everyone, including REALTORS®.
Senator Kaine and Senator Warner spoke about tax reform. They agreed, both sides are going to have to give to come to something workable for the US. They both said, the nation deserves better than what we have got the last few years. They also spoke on transportation. There will need to be new and creative ideas using both federal and private capital for funding.
Senator Kaine and Senator Warner thanked all Virginia REALTORS® for their support and all the hard work we do.