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BOMA International Applauds Treasury’s Action to Stabilize Financial Markets
Treasury Secretary Thomas Geithner's plan to unlock credit markets won the support of the The Building Owners and Managers Association (BOMA) International, which commended Geithner's plan to expand the Fed’s Term Asset-Backed Securities Loan Facility (TALF) to include newly originated AAA commercial real estate securities.
The Treasury’s new plan is a significant and positive step that will thwart potential mass foreclosures in the commercial real estate industry that many experts fear, according to BOMA, which sent a letter to the Treasury with 11 organizations last November estimating that more than $400 billion of secured and unsecured debt will mature before the end of 2009. The strategy announced yesterday will go a long way to foil the widespread detrimental effects on local communities that would have resulted without the plan, BOMA says.
“We congratulate Treasury Secretary Geithner on a productive first step in office that will help prevent a further tailspin in our economy,” said BOMA International Chair and Chief Elected Officer Richard D. Purtell, portfolio manager, Grubb & Ellis Management Services, Inc. “BOMA looks forward to working further with the Treasury, the Obama Administration and Congressional leaders to develop strategies to bring about full economic recovery.”
BOMA International has been responding to the credit crisis since it began. In July, Purtell testified before Congress on the ramifications of the credit crunch, emphasizing the importance of credit availability to the commercial real estate sector.