Original Press Release
NAM Says Collapse of Housing Market Demands Aggressive Action
Press release date: February 18, 2009
Engler Say Housing Is Key To Economic Recovery
WASHINGTON, D.C., February 18, 2009 - In anticipation of President Barack Obama's statement on the housing crisis scheduled for later today in Mesa, Arizona, National Association of Manufacturers President (NAM) John Engler issued the following statement:
The collapse of the housing market lies at the heart of the nation's serious economic troubles, and the President is right to focus now on housing and home buying. A healthy housing sector is critical if the country is to return to economic growth, and even with passage of the stimulus bill, more needs to be done.
The National Association of Manufacturers believes the inclusion of the tax credit for first-time home buyers in the stimulus legislation represented a good start on stabilizing the housing industry. The next, necessary step is to increase the tax credit and extend it to all home buyers. The Senate version of the stimulus bill included provisions to accomplish this goal, backed with strong bipartisan support, and it would be an effective tool for revitalizing the housing market.
Another positive proposal would give qualified borrowers the opportunity to obtain low, fixed rate 30-year mortgages to buy a home or refinance existing loans. Along with the tax credit, these mortgages would encourage people to buy now, retaining and creating job opportunities in numerous industry sectors and energizing the broader economy
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's web site at www.nam.org for more information about manufacturing and the economy.