My son and his wife own a fledgling firm that tests saliva for drug use. It has been growing quickly...but so quickly that new testing machinery is needed. Their success comes at a time when money is frozen.
C.A.R. and NAR (the state and national associations of Realtors) strongly support Congress’s efforts to craft and quickly pass a recovery plan in order to calm the nation’s financial markets and make credit attainable again for families and businesses.
U.S. financial institutions have been unable to raise any capital because of illiquidity of suspect or poorly performing mortgage backed assets on their books. With no way to remove these assets, which may put the institution at risk, investors have refused to invest or extend new capital to financial institutions. The result has been a near collapse of the U.S. financial market and a spike in the cost of credit that makes it nearly impossible for even qualified people and businesses to obtain or expand a line of credit. Under these circumstances, Californians will find it very difficult to obtain home loans, student loans, and other financing for the foreseeable future.
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