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The Path to Liquidity:
 A Five Point Plan
 
Clifton E. (Chip) Rodgers, Jr.Senior Vice PresidentThe Real Estate RoundtableWashington, DCwww.rer.org 
 
Credit Market Tsunami 
•$6 trillion U.S. property market faces worstliquidity challenge since Great Depression•Of $3 trillion in CRE debt, estimated $200-$500 billion CRE loans mature in 2009•Maturities increase next few years•Focus to restore market confidence•Strategies to stop the falling knife 
The Real Estate Roundtable
 
Five Point Plan
1.Expand the Term Asset-BackedSecurities Loan Facility (TALF) programto include CMBS2.Encourage foreign investment in U.S. realestate – revise Foreign Investment inReal Property Tax Act (FIRPTA)3.Ensure accounting rules do not have apro-cyclical impact on credit capacity
The Real Estate Roundtable
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