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REALTOR®: NAR Pushes for Passage of Federal Plan to Help Financial Markets

September 24, 2008

The National Association of REALTORS® is urging the Treasury not to reward Wall Street by handing out "free money," but to ensure that all actions keep the interest of taxpayers at the forefront. These activities need to be about Main Street, not just Wall Street, according to NAR.

NAR is urging Congress, which is taking up legislation on the Treasury plan, that the goal is to ensure mortgage money be made more available and accessible to home buyers and homeowners who need to refinance. Home sales have always led the way to economic recovery in America. In a letter sent to Congress, NAR pledged support for responsible government intervention benefiting homeowners, potential home buyers, financial institutions, the economy and ultimately taxpayers
 
NAR expects the legislation, a massive $700 billion bill, will be fast-tracked through Congress to give the U.S. government authority to buy problematic mortgage securities from Wall Street firms. Although some are referring to this action as the biggest bailout in history, NAR see this plan and the legislation under consideration as a means for the Treasury Department to help many more property owners avoid foreclosure.
 
In a statement by NAR President Richard Gaylord, NAR pledged support for efforts to stabilize financial markets and expedite refinancing and relief efforts for homeowners, as well as other measures to reestablish confidence in housing and the housing credit markets.
 
NAR has initiated meetings with Congress and the administration to ensure quick implementation of the daring plan announced by U.S. Treasury Secretary Paulson.
 
NAR has issued the following statements on the association's position: 
  • NAR and its members support the ongoing bipartisan efforts to address the current crisis in the financial and secondary mortgage markets.  
  • It is vital to enact and implement legislation promptly to restore confidence in the financial markets and for market liquidity.  
  • It is crucial that Congress act soon to restore confidence in the mortgage markets so non-government mortgage lending returns as an option for a full range of qualified borrowers.  
  • A goal of the legislation must be to free up more mortgage money for home buyers and home owners.  
  • NAR supports efforts to restore a level of confidence in the housing credit markets.  
  • NAR will work diligently with Congress and the administration to achieve these goals, as well as the broader goal of reforming the housing finance system.  
"It is crucial that Congress act soon to restore confidence in the mortgage markets so non-government mortgage lending returns as an option for a full range of qualified borrowers," said Leannah Hunt, president of the Silicon Valley Association of REALTORS®. "A goal of the legislation must be to free up more mortgage money for home buyers and home owners."

The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please email or call the SILVAR office at (408) 200-0100.

 
 
 
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