Realogy CEO to Address Senate Subcommittee on the State of the U.S. Housing Market
Richard A. Smith to Testify Today Before Senate Subcommittee on Housing, Transportation and Community Development
PARSIPPANY, NJ--(Marketwire - Sep 14, 2011) - Realogy Corporation, a leading provider of real estate and relocation services, announced that Richard A. Smith, its president and CEO, has been called upon to testify before the Subcommittee on Housing, Transportation and Community Development of the United States Senate Committee on Banking, Housing and Urban Affairs. In his remarks, Smith will address the current state of the nation's housing market.
Chaired by Sen. Robert Menendez (D-N.J.), the Subcommittee hearing is entitled "New Ideas for Refinancing and Restructuring Mortgage Loans" and is scheduled for Wednesday, September 14, 2011 at 2:00 p.m. EDT in the Senate Banking Committee Hearing Room of the Dirksen Senate Office Building. The hearing will be broadcast live through the Senate Banking Committee's website, and Smith's written testimony will be posted online as part of the hearing record. Additional witnesses scheduled for this hearing include, among others, David H. Stevens, president and CEO, Mortgage Bankers Association, and Ivy Zelman, chief executive officer of Zelman and Associates.
"I am honored to have this opportunity to address the Senate Subcommittee on Housing, Transportation and Community Development on the important issues facing our country in the housing market," said Realogy CEO Richard A. Smith. "Given the housing sector's substantial influence on all aspects of the U.S. economy, we would like to see a more cohesive national plan to address a recovery in the housing market. Current government policies and programs may be well intentioned, but they are suppressing a recovery, the Dodd-Frank Act as an example. The end result is an environment that has constrained everyone from homebuyers and sellers to lenders and mortgage servicers alike. Unfortunately, there are no silver bullets. We believe the immediate issues that must be addressed are high unemployment, the persistent overhang of foreclosed properties, low consumer confidence and failed government intervention programs."
Realogy's diversified business model includes real estate franchising, brokerage, relocation and title services, and Smith has been at the helm since 1996. He oversees the Realogy Franchise Group, which consists of the Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA® and Sotheby's International Realty® real estate brands, which, combined, have approximately 14,400 franchised and company-owned offices and 256,000 sales associates worldwide; Cartus, a global leader in corporate and government employee relocation that annually assists more than 148,000 employees in 160 countries for a client base including more than half of the Fortune 50; NRT LLC, the nation's largest residential real estate brokerage company with approximately 740 offices and 43,000 sales associates in more than 35 of the nation's largest metropolitan markets; and Title Resource Group (TRG), a prominent full-service title and settlement services company.
Smith is a member of the Business Roundtable, an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 12 million employees. He also is a member of the Policy Advisory Board for the Joint Center for Housing Studies of Harvard University.
About Realogy Corporation
Realogy Corporation, a global provider of real estate and relocation services, has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy's brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby's International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy's franchise system members operate approximately 14,400 offices with 256,000 sales associates doing business in 100 countries and territories around the world. Headquartered in Parsippany, N.J., Realogy is owned by affiliates of Apollo Management, L.P., a subsidiary of Apollo Global Management, LLC, a leading global alternative asset manager.