For release:
Thursday, Sept. 25, 2008

CALIFORNIA ASSOCIATION OF REALTORS^®’ statement on federal rescue plan

LOS ANGELES (Sept. 25) – The CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) today released the following statement on the proposed federal rescue plan announced this afternoon in Washington, D.C.:

“C.A.R. strongly supports the intent of Congress and the federal government to calm the financial markets, address liquidity issues and begin to restore confidence in our financial system, as outlined by Congress this afternoon,” said C.A.R. President William E. Brown. “We look forward to examining the proposed plan in greater detail as more information becomes available to us. We are gratified that Congress and the administration are moving toward consensus and that final legislation will be forthcoming in the next several days. We want to be certain that the needs of Californians are addressed in the final legislative package, and that housing’s critical role is recognized in the legislation.

“C.A.R. is encouraged by reports of additional provisions providing a greater level of protection to both consumers and taxpayers, and by the addition of stricter oversight protocols than what was initially proposed by the Treasury Dept.,” he said. “Going forward, C.A.R. and our counterparts at NAR will remain engaged in ongoing dialogue with our congressional representatives and other key leaders in Washington.”

Leading the way…^® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS^® (www.car.org) is one of the largest state trade organizations in the United States, with nearly 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

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