Regulation and Compliance

Deal Reached on California Housing Bond Bill

Aug 29, 2017
The Royal Bank of Scotland Group (RBS) has agreed to a $4.9 billion settlement with the Department of Justice related to the company’s issuance and underwriting of residential mortgage-backed securities (RMBS) between 2005 and 2007

California’s evaporating affordable housing environment was the focus of an agreement between Gov. Jerry Brown and legislative leaders on a $4 billion bond that would fund low-income housing developments and subsidize residential mortgages for California veterans.
 
According to a Los Angeles Times report, Senate Bill 3 was originally designed to allocate $3 billion for the construction of new homes for low-income Californians. In the new agreement between the governor and legislators, $1 billion was added to the bill to fund homeownership subsidies for veterans. An existing program to promote homeownership for veterans would have been halted in 2018 due to a lack of funding.
 
"The bond agreement we have reached provides badly needed funding to help Californians, including our veterans, find safe, affordable housing," Assembly Speaker Anthony Rendon (D-Paramount) said in a statement.
 
The agreement on Senate Bill 3 comes ahead of negotiations on Senate Bill 2, which adds a $75 fee on mortgage refinancing and other real estate transactions to fund low-income home construction. Both bills will require a two-thirds supermajority approval in both houses of the legislature prior to Sept. 15 in order to pass.
 
About the author
Phil Hall
Link copied
Published
Aug 29, 2017
Get the NMP Daily
Analysis and Data
Homeowners Insurance A Growing Concern in Florida and California

Majority of Fla. and Calif. survey respondents have been affected by insurance woes or live in an area that has, Redfin says

Insurance is at the top of mind for homebuyers and homeowners in Florida and California, which have become epicenters of the nationwide housing insurance crisis. Rising homeowners insurance premiums and changes in coverage are so commonplace now that nearly three-quarter...

Continue reading
Analysis and Data
California Home Sales Decline In March, Despite Increased Listings

The California Association of Realtors reports that the median home price rose 7.7% year-over-year.

After just last month announcing the resiliency of California home sales in February despite rising interest rates, figures released today by the California Association of Realtors (CAR) show sales volume in the state slipped in March as median home prices hit a seven-month ...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Regulation and Compliance
In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

Regulation and Compliance
Apr 11, 2024
A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

Regulation and Compliance
Apr 11, 2024
CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Regulation and Compliance
Apr 10, 2024
Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Regulation and Compliance
Apr 10, 2024
Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."

Regulation and Compliance
Apr 04, 2024
Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.

Regulation and Compliance
Apr 03, 2024