Statement from NAHB President Sandy Dunn on Senate Passage of Housing Bill H.R. 3221

Business Wire, July 26, 2008

WASHINGTON -- Sandy Dunn, president of the National Association of Home Builders (NAHB), today issued the following statement following Senate passage of H.R. 3221, the Housing and Economic Recovery Act of 2008. President Bush is expected to sign the bill into law shortly.

"For the past year, NAHB has been in the forefront in pushing for legislation to address the turmoil in the financial and housing markets and to bolster the nation's faltering economy.

"This landmark bill contains several provisions to help home buyers, stop the slide in home prices, provide a lifeline to borrowers facing foreclosure, improve mortgage liquidity and bolster confidence in Fannie Mae and Freddie Mac. We commend Congress for working in a bipartisan fashion to provide much-needed relief to the American people."

ABOUT NAHB: The National Association of Home Builders is a Washington, D.C.-based trade association representing more than 235,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. Known as "the voice of the housing industry," NAHB is affiliated with more than 800 state and local home builders associations around the country. NAHB's builder members will construct 80 percent of the more than 1.08 million new housing units projected for 2008.