Skip to main content

Deal Reached on California Housing Bond Bill

Phil Hall
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.

 
Published
Aug 29, 2017
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021