With credit markets frozen and the economy unraveling at an alarming rate, the nation's home builders called Oct. 1, 2008 on Congress to enact the financial rescue plan now to avoid a complete meltdown in financial markets.
Sandy Dunn, chairman of the National Association of Home Builders (NAHB) and a home builder from Point Pleasant, W.Va., said that tonight's vote in the Senate and the subsequent vote in the House might be "our last chance to save the global economy from a very deep and painful recession, or worse."
NAHB represents 235,000 member firms that construct about 80 percent of new housing units constructed annually. Its members range from small family-owned businesses that construct 10 or fewer homes per year to large publicly held companies such as Pulte Homes, Centex Homes, Lennar Corporation and K. Hovnanian Homes that construct tens of thousands of units annually.
In a letter to every member of Congress, NAHB said that the housing industry is fully united in its support of the rescue plan now before Congress.
"Falling home prices, mounting foreclosures and a frozen credit market have taken a severe toll on the nation's economy. As the financial markets struggle, mortgage credit costs are increasing and home builders are finding it more and more difficult to obtain any business credit. By providing a market for troubled mortgage assets, the financial rescue package will restore confidence in global financial markets and allow credit-worthy home buyers, builders and other small businesses access to credit," NAHB said in its letter to members of Congress.
"It's time to set aside politics, self-serving interests and ideology and unite as Americans in support of this legislation," Dunn added.
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