On Jan. 27, NAA/NMHC testified on the state of commercial real estate lending before the Congressional Oversight Panel (COP) in Atlanta. The COP, chaired by Harvard law professor Elizabeth Warren, oversees the $700 billion Troubled Asset Relief Program (TARP).
Testifying on our behalf, David Stockert, President and CEO of Post Properties, told the panel that while Fannie Mae and Freddie Mac have been a critical liquidity backstop for the apartment industry, they are not sufficient to meet the sector’s capital needs. Reestablishing a viable CMBS market is critical. He also urged the Treasury Department to extend the Term Asset-Backed Securities Loan Facility (TALF) program through 2010.