Regulation and Compliance

California Real Estate Group Rejects Tax Reform Bill

Dec 18, 2017
Fannie Mae and Freddie Mac sold 7,140 Non-Performing Loans (NPLs) during the first half of this year

California’s largest trade group representing real estate brokers has come out against the Tax Cuts and Jobs Act that is being prepared by congressional Republicans.
 
In a statement, California Association of Realtors (CAR) President Steve White defined the legislation as being unfair to his state’s housing market.
 
“The final tax reform bill released punishes homeowners and weakens homeownership, and in fact, it looks at homeowners and the housing market as nothing more than a piggy bank,” White said. “Congress is touting this as a tax cut for middle-class families, but the reality is that thousands of California middle-class homeowners will be the first ones to face tax increases.”
 
White added that his state’s evaporation of affordable homeownership opportunities will be further exacerbated if the legislation becomes law.
 
“With homeownership already a stretch, or out of reach altogether for so many Californians, now is not the time to make owning a home more difficult,” White said.
 
About the author
Phil Hall
Link copied
Published
Dec 18, 2017
Get the NMP Daily
People On The Move
Ginnie Mae President Alanna McCargo Announces Resignation

McCargo was first woman and first woman of color at the helm of Ginnie Mae.

The U.S. Department of Housing and Urban Development (HUD) today announced that Alanna McCargo, president of the Government National Mortgage Association (Ginnie Mae), will resign, effective May 3, 2024. McCargo has served in the Biden-Harris Administration since January ...

Continue reading
People On The Move
Christensen, Andrus Added At CE Class Leader

Maximum Acceleration hires mortgage exec. as education director, adds banking manager

Brandon Christensen, a longtime mortgage broker and trainer, has been named Director of Education and National Instructor for Maximum Acceleration LLC, a leading NMLS-approved course provider for mortgage pre-license and continuing education. "Having Brandon join our amaz...

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