Ensign Addresses Housing Crisis With New Bill; ENSIGN’S FIX HOUSING FIRST BILL TO GET VOTE TODAY

Nevada Senator John Ensign is drafting a bill he says will help fix the housing market.
By: Kellene Stockwell: Channel 2 News
Ensign says the underlying problem in the economy is the housing market so he's targeting it with the ‘Fix Housing First Act.'
It would allow homeowners to refinance their current mortgages or finance new homes for about 4%. On average that would amount to savings up to $400 a month or $150,000 over the course of a 30-year loan.
His plan also includes a $15,000 tax credit and tax cuts for the lowest-earning Americans.


Additional Information on Ensign’s Fix Housing First Act:
Senator John Ensign, Chairman of the Republican Policy Committee, drafted an economic recovery plan that will help fix the housing market, create jobs and provide tax relief to middle-class families and small business owners. The bill, titled the Fix Housing First Act, is scheduled for a vote today.

“The underlying problem with our economy is the deteriorating housing market,” said Ensign. “In Nevada, just a few short years ago housing prices were through the roof. Now, we’re leading the nation in foreclosures. We need to address the root problem, and my bill does that by helping homeowners stay in their homes.”

Under Ensign’s plan, American homeowners would be able to refinance their current mortgages or finance the purchase of a new home for about 4 percent. On average, this means monthly payments would be $400 lower – a savings of up to $150,000 over the course of a 30-year loan. Estimates show that almost two-thirds of Nevadans could take advantage of this plan.

“People I talk to about this proposal immediately begin to do the math,” said Ensign. “This is real help that helps struggling families, and we do this in a much more fiscally responsible way because we removed the wasteful Washington spending that’s in the ‘so-called’ stimulus bill.”

Ensign’s plan costs half as much as the trillion dollar stimulus bill currently being considered. The Fix Housing First Act also includes a $15,000 homebuyer tax credit, tax cuts for the lowest tax brackets and tax relief for small businesses so they can help boost our economy. The lowest tax brackets would be lowered from 15% to 10% and from 10% to 5%.

“Let’s make sure that all taxpaying American families see immediate relief, whether they own a home or not,” said Ensign. “And we need to help small businesses because they are always the engine that drives us out of a downturned economy.

For small businesses, Ensign’s plan would eliminate capital gains taxes for start-ups and extend bonus depreciation, both helping to create jobs, stimulate spending and boost our economy.

“This legislation brings the emphasis back to where it needs to be - on housing and targeted tax relief, not pet projects that bury future generations under insurmountable debt,” Ensign concluded.