NAR Statement on Actions to Stabilize The Secondary Mortgage Market

WASHINGTON, September 08, 2008

The following is a statement by National Association of Realtors^® President Richard F. Gaylord:

“I commend Treasury Secretary Paulson and Federal Housing Finance Agency Director Lockhart for their bold actions to bring stability and continued liquidity to the nation’s mortgage market. Fannie Mae and Freddie Mac have always played a vital role in the U.S. economy by making fair and affordable mortgage loans available for home buyers and owners. Their critical mission must not be interrupted, and Sunday’s announcement goes a long way in making sure that does not happen.

“NAR believes that the announced plan will help restore confidence in the secondary mortgage market. We appreciate the steps taken to calm the market, make mortgages more widely available and protect taxpayers. This demonstrates that the government is clearly committed to keeping the flow of capital uninterrupted, which is crucial to the housing sector and the economy.

“We look forward to working with the administration and Congress to ensure the continued vibrancy of the secondary mortgage market.”

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