The United States House of Representatives has passed legislation extending the income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences. The bill containing the income tax exemption on forgiven mortgage debt and other expired tax provisions passed by a vote of 378 to 46. The United States Senate has not yet voted on the measure. Please take action and contact your Senator and tell them to pass the bill before the end of the "lame duck" session this Friday, December 12.

New York currently has a 12-percent response rate! Please take action now on this very important issue!

The National Association of REALTORS has launched a Call for Action to extend the Terrorism Risk Insurance Act of 2002 (TRIA). TRIA will expire at the end of 2014 unless Congress reauthorizes it once again. Because of the importance of terrorism insurance coverage to commercial real estate, NAR supports the continued availability and affordability of coverage made possible by the federal backstop program of TRIA and its extensions.

Click here to take action now! Click here for more information.

The Federal Housing Finance Agency (FHFA) has announced that the agency will be directing GSEs to alter REO policies that would allow all qualified buyers to purchase current Fannie Mae or Freddie Mac REO inventory at market value. The change will allow previous homeowners who have been through foreclosure to purchase their home back at current market value, if available. In addition, the change will also allow third-party purchasers to purchase the property on the previous homeowners' behalf. Current financing rules still require a borrower who has been through foreclosure to wait three years before becoming eligible for a GSE conventional loan. 

Click here to read the FHFA announcement.

The Tuesday, December 16, NYSAR Radio show will recap 2014 and take a look at what’s ahead for 2015. Tune in at 10 a.m. on December 16 on your PC or Mac by using the player on the NYSAR Radio page. You will need to be logged in to listen. If you have not yet created your account with the website, you will need to click on "New User" on the Member Login page and follow the prompts.

Click here for more information as well as a list of links to play NYSAR Radio from any of your mobile devices.

If you missed the informative webinar on your 2015 health insurance options presented last week by NYSAR and USI Affinity, it is now available in the Media Center at NYSAR.com. Make an informed decision about your coverage, watch the webinar today!

The Instructor Training Institute (ITI) will be offered January 27-29 at the Greater Capital Association of REALTORS office in Albany, NY. This three-day intensive program will help you develop or enhance your skills as an instructor. You’ll learn how to deliver information in the most meaningful ways to meet the needs of a diverse audience. 

Click here for more information or to register.

NYSAR’s newest Member Perks partner, Taradel, is an approved affiliate of the U.S. Postal Service’s Every Door Direct Mail® (EDDM®) program. Through this partnership, NYSAR members receive a 5-percent discount to design, target, print and mail marketing pieces to every address in a specific zip code or carrier route. Forget buying mailing lists and printing labels, get started with Every Door Direct Mail® today.

Click here to access the exclusive NYSAR EDDM® member portal.

Enrollment for health insurance in 2015 is now open. It will close on February 15, 2015. Look to NYSAR Member Perks partner USI Affinity to help you navigate the plan options and find the coverage that best suits your needs. Remember, you will face tax penalties if you do not obtain coverage. Also, if you miss open enrollment, you will not be able to obtain health insurance until the next open enrollment period unless you qualify for a special enrollment. For more information, visit www.myrealtorinsurance.com/nysar.

If you are in Atlantic City for Triple Play tomorrow, visit the RPAC High Rollers’ Suite! Amenities include: shoe shine; manicures; massages; professional photographs; gaming lessons by one of Atlantic City’s renowned card dealers; business facilities; hot lunch; beverages; and a deluxe coffee barista! 

Click here to learn more.