Dear C.A.R. Member:

Earlier today, the U.S. House of Representatives approved the Emergency Economic Stabilization Act by a 263 to 171 vote. The legislation was quickly signed into law by President Bush, capping what has been a very tumultuous two weeks for the credit and financial markets. (지난 2주간 우리의 예상을 뒤엎고 $700Bill Bail out을 통한, FNMA, Freddie Mac 국영화 거부는 우리를 혼란에 빠지게했습니다. 그러나 의회가 오늘 (10/03/2008)위기 경제 안정책을 통과 시키고 죠비부시 대통령은 곧 바로 승인했습니다.)

This was a difficult decision for our elected representatives to make, especially given the abbreviated time period for review and debate that the gravity of the situation warranted. While passage of the Act should enable the credit markets and the U.S. financial system to set the stage for their eventual recovery, this was only the first step in what will likely take weeks and even months to wend its way through the system before reaching Main Street.
(이 의회의 결정은 그렇게 쉬운것이 아니었습니다. 짧은 기간안에 모든 데이터를 모으고, 분석하고 결정함으로 경제가 바로 회복하도록 돕는 심각한것이었기때문입니다. 이 결정으로 미국의 금융마켙이 하루 아침에 회복될수는 없겠지만, 새로운 회복을 향한 중요한 첫발이 되어야하기 때문에 더욱 그러했습니다.)

But it was an important first step. The health of the nation’s housing market is critical to the financial well being of every household in the country, and is front and center here in California.
(이 첫 결정은 국민 주택 경제와 국민 개인생활에 엄청난 영향을 미칠것입니다. 또한 캘리포니아의 경제에도 직접적인 영향을 미칠것입니다.)

Here’s what the legislation does: (새 입법은 다음과 같은 것들을 포함합니다.)

Helps American families keep their homes by requiring the Treasury Dept. and any federal agency that owns or controls troubled mortgages to modify those mortgages wherever possible; this may include reducing the principal or interest rate; and extends till the end of 2012 the exclusion from federal income tax of mortgage debt forgiveness.
(주택 소유주는 재무부나 연방정부가 소유하는 문제된 불실모게지의 가격이나, 이자를 변경해줄것을 신청할 수 있고, 가능하면 정부는 혜택을 주도록 했습니다. 여기에는 2012년까지 이 혜택으로 인한 Federal Tax를 내지 않아도 되는 예외조항이 들어 있습니다.)

Addresses the credit crisis by allowing financial institutions to immediately sell $250 billion in troubled assets to the U.S. Treasury Department under the newly created Troubled Assets Relief Program (TARP).  Another $100 billion would be made available upon the President’s request.  Should the President deem it necessary, and with Congressional review, the Treasury Dept. may utilize the remaining $350 billion;
(문제있는 금융기관을 위해서 $250 Bil에 해당하는 자산을 재무부에 팔수 있도록TARP라는 기금을 만들었습니다. 그리고 $100Bil을 예비하여, 대통령이 필요하다고 판단하고, 의회가 비준한다음, 재무부가 사용할수 있도록 했습니다.) 

Protects taxpayers by allowing the Treasury Dept. to take an ownership stake in participating companies. In addition, if after five years TARP has incurred a net loss, the President must propose legislation that would force participating companies to reimburse the government to make up the difference;
(그리고 납세자들을 보호하는 한도내에서 재무부가, 참여 회사들의 소유권을 가질 수 있도록하고, 5년후에 이로 인한 정부의 손해가 있을 때에는 참여 회사들이 손해분을 상황하도록하는 법을 만들도록 했습니다.)

Sets up an insurance program, funded by the financial industry, to guarantee companies’ troubled assets, including mortgage-backed securities purchased prior to March 14 this year;
(그리고 금융회사들을 보호하는, 금융기관 자체의 보험회사 설립허가를 함으로 올해 03월 14일 이전의 MBS도 돌이켜 카버 받도록 했습니다.)

Curbs executive pay for companies utilizing TARP;
(TARP기금을 쓰는 회사의 Executive의 봉급 제한)

Sets up two oversight committees, a Financial Stability Board, and a congressional oversight panel, to which the Financial Stability Board would report;
(이를 관장하는 두개의 기관을 설치를하고 의회 금융안정위에 보고 하도록...)

Creates renewable energy tax breaks for individuals and businesses, including a deduction for the purchase of solar panels; as well as continuing other tax breaks that were set to expire; and extends relief from the Alternative Minimum Tax (AMT) by another year;
(개인이나 기업의 에너지 Tax 감면안, 여기에는 Solar Panel 구입자도 해당이 됩니다.)   

Allows the SEC to suspend the required mark-to-market accounting standards and orders a study to be done on the rule’s impact on financial institutions;
(금융 감독위원회에 시장조사를하여, 금융 안정책이 금융기관에 미치는 실제적 여파를 조사하도록...)

Shields bank deposits by temporarily raising the FDIC insurance cap to $250,000 from $100,000; and temporarily increases the federal insurance level for credit union savings to $250,000, both till the end of 2009.
(FDIC 보호금액을 2009년 말까지 $100,000에서 $250,000로 한정적으로 증액했습니다.)

We’re appreciative of the efforts of our congressional leaders in both houses as well as of our peers at NAR. Their efforts helped secure adequate protections for both consumers and taxpayers, as well as stricter oversight protocols than what were initially contained in the legislation. C.A.R. will continue to study and report to you additional information and analysis through our weekly “C.A.R. Newsline” and “Market Matters” e-mail newsletters.
(이 결정이 좋은 결과를 주기를 기대해 봅니다.)

Sincerely,

William E. Brown
2008 President
CALIFORNIA ASSOCIATION OF REALTORS®