Realtors(R) Praise Senate Action to Provide Financial Stability

WASHINGTON, Oct. 1 /PRNewswire/ -- The National Association of Realtors
commends the U.S. Senate for passing the Emergency Economic Stabilization Act
of 2008. The Senate'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.
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"This far-reaching and meaningful legislation would go a long way in helping
restore confidence in the nation's financial system," said NAR President
Richard F. Gaylord. "Provisions 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 Americans'
retirement savings and small businesses across the country."
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.
"If done right, the cost of such a plan will possibly be below the figures
that have been widely reported," said NAR Chief Economist Lawrence Yun. "In
fact there is a very good chance that taxpayers will reap a positive return on
this investment over the long term."
"By 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," Gaylord said.
"There 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," said Gaylord.
The National Association of Realtors(R), "The Voice for Real Estate," is
America's largest trade association, representing 1.2 million members involved
in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org. This and other news
releases are posted on the Web site's "News media" section in the NAR Media
Center.

REALTOR(R) is a registered collective membership mark which may be used only
by real estate professionals who are members of the NATIONAL ASSOCIATION OF
REALTORS(R) and subscribe to its strict Code of Ethics. Not all real estate
agents are REALTORS(R). All REALTORS(R) are members of NAR.

SOURCE National Association of Realtors

Public Affairs, Mary Trupo, National Association of Realtors, +1-202-383-1007,
mtrupo@realtors.org