WASHINGTON, September 22, 2008
The following is a statement by National Association of Realtors® President Richard F. Gaylord:
“The National Association of Realtors® supports the ongoing bipartisan efforts to address the current crisis in the financial and secondary markets. While we await further details and will continue to be active in helping to shape the legislation, NAR believes these efforts are imperative to restore market liquidity.
“Many securities are being valued at pennies on the dollar due to the very high leverage ratio and illiquidity of certain mortgage-backed securities. Unrealistically low valuations are paralyzing the balance sheets of financial institutions and have hindered liquidity flow.
“Responsible government intervention will restore a functioning market benefiting homeowners, those who wish to buy a home, financial institutions, the economy and ultimately the taxpayers. We support efforts to stabilize financial markets to allow rational valuation of assets, expedite refinancing and relief efforts for homeowners, and other measures to reestablish 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.”
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