WASHINGTON, October 02, 2008
The National Association of RealtorsÂ®Â commends the U.S. Senate for passing the Emergency Economic Stabilization Act of 2008. The Senateâ€™s bold action will help the country emerge from the current credit crisis and put the economy back on its way to improved financial and housing stability.
â€œThis far-reaching and meaningful legislation would go a long way in helping restore confidence in the nationâ€™s financial system,â€ said NAR President Richard F. Gaylord. â€œProvisions in the bill would directly benefit Main Street by making financing more available. The legislation would not only help make home mortgages more available, which would help stabilize home sales and prices, but also help families who are trying to secure a car loan or borrow money to send their children to college. It would help protect Americansâ€™ retirement savings and small businesses across the country.â€
The act would require financial institutions to work with lenders and mortgage servicers to find ways to avoid foreclosures. It would also create a Troubled Asset Relief Program to purchase and guarantee the troubled assets from financial institutions that hold mortgages or mortgage-backed securities.
â€œIf done right, the cost of such a plan will possibly be below the figures that have been widely reported,â€ said NAR Chief Economist Lawrence Yun. â€œIn fact there is a very good chance that taxpayers will reap a positive return on this investment over the long term.â€
â€œBy unclogging the financial pipeline, liquidity will be greatly improved and mortgages will become more accessible and affordable, allowing families who dream of owning a home to do so and at the same time help current owners keep the home they have,â€ Gaylord said.
â€œThere will not be an economic recovery without a housing recovery, and this ambitious legislation is what our economy needs. We will work hard with the House of Representatives and the administration to ensure a quick and smooth enactment and implementation,â€ said Gaylord.
For more information, contact:
Mary Trupo 202/383-1007 email@example.com
Bennington VT, Press Release