NAR Comments on SEC Concept Release
NAR recently signed a letter with 12 real estate organizations regarding a request for public comment (Concept Release) from the Securities and Exchange Commission (SEC) on the treatment of asset-backed issuers as well as mortgage real estate investment trusts (REITS) and other mortgage-related pools under the Investment Company Act of 1940. NAR is concerned that the Concept Release could signal impending regulatory burdens for mortgage REITs and would inhibit the prospect of a restart of non-agency mortgage securitization and negatively impact credit capacity for real estate. While the concept release does not propose any specific rules, it states that the SEC is reviewing various interpretive issues as to how Section 3(c)(5)(C) of the Investment Company Act of 1940 is and should be applied and requests input on those issues.
Read the Coalition Letter
Read the SEC Release
NAR, Other Organizations Support Community Businesses
NAR and a number of other organizations have sent a letter thanking Senators Mike Enzi (R-WY), Dick Durbin (D-IL), and Lamar Alexander (R-TN) for introducing S. 1832, the Marketplace Fairness Act. The bill would help states and local governments collect much-needed revenue and level the playing field for community-based businesses by allowing states to enforce sales taxes on goods sold to their citizens from out of state. By putting catalogues and online retailers on an even playing field with local brick-and-mortar businesses, the bill will protect local jobs, promote community investment, and maintain local access to essential goods and services.
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