Emergency Economic Stabilization Act

For release:
Friday, Oct. 3, 2008

CALIFORNIA ASSOCIATION OF REALTORS^®' statement on passage of Emergency Economic Stabilization Act by U.S. House of Representatives and signature by President Bush

LOS ANGELES (Oct. 3) - The CALIFORNIA ASSOCIATION OF REALTORS^® (C.A.R.) today released the following statement on the U.S. House of Representatives' approval of the Emergency Economic Stabilization Act of 2008, and its signature by President Bush, as announced today in Washington, D.C.:

"We are gratified that the U.S. House of Representatives recognized the importance of passing the Emergency Economic Stabilization Act of 2008, reflected in its 263 to 171 vote this afternoon" said C.A.R. President William E. Brown. "We also applaud the swift signature by President Bush enabling the credit markets and the U.S. financial system to set the stage for their recovery.

"This was a difficult decision for our elected representatives to make, especially given the abbreviated time period for review and debate that the gravity of the situation warranted," he said.

"The health of the nation's housing market is critical to the financial well being of every household in the country, and is front and center here in California," Brown said. "We're appreciative of the efforts of our congressional leaders in both houses as well as to our peers at the NATIONAL ASSOCIATION OF REALTORS^® for their efforts in securing adequate protections for both consumers and taxpayers, as well as stricter oversight protocols than what were initially contained in the legislation."

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.