Solution to Calm Financial Storm Centers on Housing
With the Bush Administration working around the clock with congressional leaders on the enactment of emergency legislation to implement a rescue plan to extricate the U.S. financial system from its worst crisis since the Great Depression, the NAHB Senior Officers and staff are remaining in close touch with policymakers in Washington.
 At the fall meeting this week of the association’s board of directors in San Diego, addressing the turmoil in the financial markets, which reached grave proportions with the bankruptcy of Lehman Brothers on Sept. 15 and the bailout of insurance giant AIG on the following day, is expected to be the overriding concern.
Restoring the nation’s housing market to full health from one of the most difficult cyclical downturns in living memory was already at the top of the agenda as the association prepared to deliberate in California. With the dramatic succession of events over the past several weeks — including the federal takeover of Fannie Mae and Freddie Mac — restoring the housing finance system itself will be a leading topic of discussion among the directors.
Noting that the outcome of negotiations in Washington this week holds profound consequences for the American economy, NAHB President Sandy Dunn promised to lend the association’s expertise wherever it is needed in the difficult period that lies ahead.
In a Sept. 19 statement, NAHB Executive Vice President and CEO Jerry Howard urged the U.S. government to get out in front of the collapse in confidence that has afflicted the financial markets by addressing its origins in the housing industry.
Read the full article in NBN.
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