As you all know, 2008 is a major election year, and it is up to every member of the NAHB to work to ensure that the housing issues we care so deeply about emerge victorious. In today’s challenging economic times, we’ve found out who our true friends are in Washington. Fortunately for our businesses and the American people, we have a lot of them—on Capitol Hill, at the White House, and in other high places.
Over the course of the past several months, our true friends moved with speed and determination to hammer out a plan that would limit foreclosures among subprime borrowers who were unprepared for hefty increases in their monthly payments when their loans were reset at a higher interest rate. Our friends in Washington moved to reduce interest rates and restore confidence in the financial markets. As economic conditions started to unravel, they stepped in with emergency measures designed to stabilize housing and they sat down to consider longer-range plans to address the urgent need to restore the availability of mortgage credit to first-time home buyers and those in high-cost markets.
For most of us, the current cyclical downturn in our industry has been no picnic. But with early signs of a recovery not too far off, you had better believe that it would have been far worse if we did not have friends in Washington with the power to help make things better.
Learn more about markets featured in this article: Washington, DC.