Sept. 29, 2008

Dear C.A.R. Member:

As you most likely know, this afternoon the U.S. House of Representatives failed, by a vote of 205 to 228, to pass the Emergency Economic Stabilization Act of 2008, and the Dow Jones Industrial Average fell an historic 777.68 points.

With the general election in November about a month away, we expected a certain amount of political posturing during the vetting process as Congress delved into the proposed plan and the resulting legislation.

However, we are extremely disappointed that the U.S. House of Representatives failed to pass the Emergency Economic Stabilization Act of 2008. The tenuous health of the financial system called for a swift yet thoughtful bipartisan response by our elected representatives, which they failed to deliver.

Now is the time for Congress to act, and renew its efforts to craft legislation —   amenable to both political parties — that will calm the financial markets, address liquidity issues and begin to restore confidence in our financial system. Americans deserve nothing less.

C.A.R. wants to be certain that the needs of Californians are addressed, and that housing’s critical role is recognized in whatever legislation ultimately is proposed.

Working with NAR, we will continue to closely monitor the situation as it develops and report back to you

Sincerely,

William E. Brown
2008 President
CALIFORNIA ASSOCIATION OF REALTORS®