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HOMEOWNERS OBJECT TO INCREASED HOUSING COSTS

 HOMEOWNERS OBJECT TO INCREASED HOUSING COSTS
 WASHINGTON, D.C., July 27 /PRNewswire/ -- The United Homeowners


Association criticized Congress today for attempting to add to the already prohibitive cost of buying a home. The legislation, HR 11, which is being considered by the Senate Finance Committee will, in its present form, add approximately $500 to the up-front cost of a home.
 Jordan Clark, president of the national non-profit said, "At a time when home ownership rates are on the decline, Congress should be creating legislation which will put people in homes, not keep them out."
 The provision of HR 11 which will have the effect of increasing the cash needed for closing costs deals with mortgage servicing, an area unfamiliar to homeowners. In its attempt to give a tax break to some large corporations, the House passed HR 11 which will decrease the value of mortgage servicing rights and force the mortgage firms to pass the loss onto the homeowner.
 "Despite the lowest interest rates in decades, a decrease in the price of homes, reasonable availability, and more two income households than ever, the American worker has been squeezed out of the housing market. The chief reason is the cash needed for a down payment and other closing costs," according to Clark.
 "Adding another $500 dollars to the cost of buying a home will prevent more than 100,000 families and individuals from becoming homeowners. The Senate Finance Committee should drop this back door tax on homeowners," Clark added.
 The UHA is a national non-profit organization headquartered in Washington, D.C., 805 15th St. Suite 310. Phone 202-408-8842.
 -0- 7/27/92
 /CONTACT: Jordan Clark of United Homeowners Association, 202-408-8842/ CO: United Homeowners Association ST: Washington, D.C. IN: SU:


TM-AH -- NY119 -- 3748 07/27/92 19:31 EDT
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Date:Jul 27, 1992
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