Bush package gets NAHB thumbs up

Real Estate Weekly, Jan 30, 2008

The National Association of Home Builders this week applauded president Bush for laying out a set of guidelines to help boost the sluggish economy and urged Congress and the White House to work together in a bipartisan fashion to swiftly implement a stimulus package.

"President Bush and the Democratic and Republican leadership in Congress recognize the need to act now to enact a short-term stimulus plan that will help to avert a recession," said NAHB president Brian Catalde.

"We believe that any final package should address housing as a key component to help strengthen the economy."

Catalde said that Washington policymakers must also take other actions to spur economic growth and stabilize the housing market. Specifically, he called on the Federal Reserve to move aggressively to cut interest rates when members of the Federal Open Market Committee meet next. NAHB has urged Congress to move swiftly to address the current housing situation by enacting FHA modernization legislation and to adopt legislation to reform the oversight of Fannie Mac and Freddie Mac that allows them to temporarily buy larger home loans in high-cost markets.

The Association also wants cities and state to be allowed to issue tax-exempt mortgage bonds to refinance existing loans.