Credit Crisis Information and Resources
Summary
The Emergency Economic Stabilization Act of 2008 was signed by President Bush into law on October 3. NAR closely monitored the Federal Government response to the credit crisis, and our Washington D.C. Policy staff worked with regulatory agencies and elected officials on Capitol Hill to assure a robust secondary mortgage market. Liquidity in the mortgage market is essential to the health of the economy.
NAR will continue to work with Congress and the Administration to make sure the measures included in this bill are implemented quickly, with the needs of Main Street placed front and center.
The Emergency Economic Stabilization Act - What is at Stake for REALTORS®>
Download a summary of NAR's response to the credit crisis> (PDF: 170K)
Latest News and Information
11/18/2008 - REALTORS® Tell Congress Increased Housing Demand Will Stabilize the Market
In a statement to the House Financial Services Committee today, the National Association of Realtors® recommended a four-point plan to stimulate home sales and stabilize housing valuations.
Read more>
Read NAR' Statement>
11/18/2008 - Secretary Paulson Testifies on Financial Rescue Regulation
Secretary Henry M. Paulson, Jr. testified this morning before the House Financial Services Committee at a hearing on implementation of the Emergency Economic Stabilization Act.
Read the testimony> (Treasury Department)
11/13/2008 - Member Call for Action: Support efforts to have the NAR Four-Point Housing Stimulus Plan included in any future economic stimulus bill.
Take Action Now!>
The 4-Point Housing Stimulus Plan>
NAR and REALTORS® Take Action
- NAR's 4-Point Economic Stimulus Plan
11/18/2008 - REALTORS® Tell Congress Increased Housing Demand Will Stabilize the Market
Read more>
Read NAR' Statement>
11/13/2008 - Member Call for Action: Support efforts to have the NAR Four-Point Housing Stimulus Plan included in any future economic stimulus bill.
Take Action Now!>
The 4-Point Housing Stimulus Plan>
11/13/2008 - NAR's Cover Letter to the U.S. House of Representatives> (PDF: 66K)
NAR sent the same letter to the U.S. Senate asking members to include the provisions outlined in our 4-Point Plan in any forthcoming stimulus legislation.
10/21/2008 - NAR President Dick Gaylord Discusses NAR's Four-Point Plan to Help Main Street and Boost Housing
The National Association of Realtors® has offered a four-point legislative plan to reinvigorate the housing market, calling on Congress to act during a lame-duck session. NAR believes the plan will give a boost to the economy and help to calm jittery potential homebuyers.
Download the podcast>
The 4-Point Housing Stimulus Plan>
10/21/2008 - NAR's Cover Letter to Congress on our 4-Point Housing Stimulus Plan>
NAR’s plan includes features such as consumer-driven provisions that eliminate repayment of the first-time homebuyer tax credit and expands it to all homebuyers, makes the higher mortgage loan limits permanent, pushes banks to extend credit to Main Street, and prohibits banks from entering into real estate.
- The Troubled Asset Relief Program (TARP)
11/12/2008 - Treasury Department's FAQ on TARP> (PDF: 22K)
10/21/2008 - NAR's Cover Letter to Congress on TARP>
10/21/2008 - NAR's Letter to Treasury Secretary Paulson> (PDF: 187K)
NAR sends letter to Secretary Paulson recommending our REALTOR® members, both residential and commercial, for their expertise and knowledge in assisting with the newly formed Troubled Asset Recovery Program (TARP).
10/16/2008 NAR's Letter to Treasury Secretary Paulson> (PDF: 82K)
NAR sends letter to Secretary Paulson alerting him of the unintended consequences of the Troubled Asset Relief Program's effect on the mortgage market.
- Advertising Efforts
11/19/2008 - Ad: Grow America's Economy - Start With Housing> (PDF: 918K)
NAR and The National Association of Homebuilders have come together to run a full-page ad urging Congress to produce a housing stimulus plan that will grow our economy, encourage lending, and make mortgages affordable.
10/01/2008 - NAR Reaches Out to Americans in Newspapers Across the Country> (Realtor Magazine)
View the ad> (PDF: 143K)
NAR and eight other business organizations have come together to run a full-page ad aimed at all Americans in major newspapers across the country, urging Congress to pass a recovery plan.
- NAR Urges Congress to Pass the Emergency Economic Stabilization Act
10/01/2008 - NAR Letter to all Members of the U.S. Senate (PDF: 55K)
NAR sends letter to Senators asking them to vote "YES" for the Emergency Economic Stabilization Act of 2008.
9/30/2008 - Joint Association Letter to all Members of Congress (PDF: 13K)
Joint association letter to all members of Congress expressing our profound disappointment in the House vote yesterday rejecting the Emergency Economic Stabilization Act of 2008.
9/23/2008 - NAR's Letter to Senator Dodd (PDF: 59K)
NAR letter to all members of the Senate Committee on Banking, Housing & Urban Affairs, all members of the House Committee on Financial Services, and House and Senate leadership stressing the importance of immediate action in the mortgage market.
Testimonies
Congressional testimonies made by NAR, the Secretary of the Treasury, the Chairman of the Security Exchange Commissions, the Director of the Federal Housing Finance Agency, the Chairman of the Board of Governors of the Federal Reserve System, and U.S. Congress Members on the credit crisis.
View the testimonies>
Additional Resources and Information from NAR
Commentaries by NAR's Economists
Find out what NAR's economists are saying about the credit crisis and the real estate market.
Read about the Fannie Mae/Freddie Mac Conservatorship
Read about the actions taken by the Federal Government regarding mortgage giants Fannie Mae and Freddie Mac.
