The National Association of Realtors expressed extreme disappointment in the actions of the U.S. House of Representatives in failing to pass the Emergency Economic Stability Act of 2008. The president of the Association, Richard Gaylord, said that NAR's focus is on protecting homeowners and the American taxpayers. He stressed that protecting Main Street by keeping people in their homes would not only benefit individual families, but also would help stabilize the housing market, which greatly impacts the overall U.S. economy.

"This legislation is critical to stopping the economic turmoil that millions of Americans are facing," Gaylord said. "Completing a recovery plan that will end the current economic crisis crippling the housing and financial markets must be accomplished quickly and in a bipartisan manner... Across the country, Realtors see and feel the loss of confidence experienced by both buyers and sellers in the real estate market and they know firsthand that buyers are finding it harder to get mortgages."

Gaylord noted that a sharp rise in unemployment and severe hardship for many ordinary Americans will be the results of the deteriorating liquidity crisis. In addition, interest rates for those who are able to get a mortgage or credit will be more costly. NAR believes that this legislation, if implemented, would quickly restore liquidity to the mortgage market, which would stabilize the housing market and protect homeowners.

“There will not be an economic recovery without a housing recovery, and we hope the Congress will move as expediently as possible to resolve their differences," Gaylord said. "We commend the House members that... voted for this unprecedented legislation. NAR will continue to advocate this legislation, which will benefit Main Street by restoring market liquidity to the financial markets.”