In a press release last week, the National Association of Realtors’ own president applauded Bush’s FHA mortgage bailout proposal, admitting that the Association has been pushing for this bailout since early 2007. If the NAR continues to have its way, taxpayers will all be forced to clean up the huge mess that the realtors helped to create.
Why the NAR Has So Much Political Influence
The National Association of Realtors Political Action Committee (RPAC) is among the largest trade association PACs.
RPAC contributed $3,752,005 in 2006 to federal candidates (49% to Democrats and 51% to Republicans).
RPAC also raised $1,716,960 in political contributions in 2006 (from individual donors giving $200 or more).
Daily Real Estate News | September 22, 2008
NAR Gets Behind Efforts to Restore Market
The NATIONAL ASSOCIATION OF REALTORS® on Monday gave its support to the ongoing bipartisan efforts to finalize a financial bailout plan.
The proposed plan would allow the Treasury to buy questionable mortgage loans from U.S. and foreign-owned banks. At a potential cost of as much a $700 billion, the bailout package aims to repair U.S. financial markets and keep mortgages flowing to consumers.
“NAR will work diligently with Congress and the administration to achieve these goals as well as the broader goal of reforming the housing finance system,” he said.
Source: Washington Post, NATIONAL ASSOCIATION OF REALTORS®
