Please join Assemblymember Betsy Butler for a community coffee at the Venice-Abbot Kinney Memorial Branch Library on Saturday, January 28 from 10 a.m. to 12 p.m.
Residents are encouraged to bring their questions, ideas and solutions regarding state legislative issues that affect the community.
Saturday, January 28, 2012
10 a.m. - 12 p.m.
Venice-Abbot Kinney Memorial Branch Library
501 S. Venice Boulevard
Venice, CA 90291
Please call (310) 615-3515 for more information and click here for directions and to RSVP.
Friday, January 13, 2012
End of redevelopment agencies slows down advocacy at local cities
If you are a local redevelopment agency, then today is not a good day. Following the recent action by the California Supreme Court upholding the Governor's authority to raid RDA funds, cities are scrambling to figure out what to do next. Some cities like Torrance transferred RDA powers to the city council while other cities like Los Angeles are doing away with them altogether.
While cities are busy shutting down their RDA's, other items risk taking a back seat. In one of the South Bay cities served by SBAOR, items related to business taxes and signage that are of importance to REALTORS are due for consideration as soon as city officials finish resolving the RDA before the February 1 deadline.
"As of today’s date, this means our Redevelopment Agency will go out of business as of February 1, 2012," we were told in an email from a city staffer. "City management and the Council are working together on how to address the unintended consequences (i.e. layoffs, budget shortfalls, etc.) It is a very bad time for cities with redevelopment agencies."
Meanwhile, the Los Angeles Times reports today that state legislators are doing some scrambling on their own to fill the gap left by local redevelopment agencies.
While cities are busy shutting down their RDA's, other items risk taking a back seat. In one of the South Bay cities served by SBAOR, items related to business taxes and signage that are of importance to REALTORS are due for consideration as soon as city officials finish resolving the RDA before the February 1 deadline.
"As of today’s date, this means our Redevelopment Agency will go out of business as of February 1, 2012," we were told in an email from a city staffer. "City management and the Council are working together on how to address the unintended consequences (i.e. layoffs, budget shortfalls, etc.) It is a very bad time for cities with redevelopment agencies."
Meanwhile, the Los Angeles Times reports today that state legislators are doing some scrambling on their own to fill the gap left by local redevelopment agencies.
On Thursday, one state senator proposed extending the life of the agencies; another wants to replace them with different organizations that could fund environmentally friendly growth.
The agencies are on borrowed time because the California Supreme Court last month upheld Gov. Jerry Brown's elimination of their funding but struck down a compromise that would have let them survive in a lesser form.
Wednesday, December 14, 2011
REALTORS® all over the U.S. celebrated a major victory when Congress restored the higher loan limits that had expired on October 1. This may be just one step of many on the road to reforming the alphabet soup of federal housing finance: FHA, FHFA, Freddie Mac, Fannie Mae, and onward.
The Los Angeles Times reported today that the higher loan limits may turn the FHA into a key financing as qualified borrowers go looking for funds to purchase their new homes. Utlimately, a compromise was put in place to satisfy House Republicans who expressed concerns about Fannie and Freddie.
This action appears to leave the door open for additional action on reforming Fannie and Freddie, while at the same time weakening their leverage by reducing the access of certain borrowers to Fannie and Freddie as compared to FHA.
Stay tuned for more developments in reform of federal housing finance programs.
The Los Angeles Times reported today that the higher loan limits may turn the FHA into a key financing as qualified borrowers go looking for funds to purchase their new homes. Utlimately, a compromise was put in place to satisfy House Republicans who expressed concerns about Fannie and Freddie.
[Congress] raised maximum loan limits for the Federal Housing Administration while leaving loan ceilings untouched for Fannie Mae and Freddie Mac. In effect, this may make FHA the go-to financing option for borrowers needing loans up to $729,750 with down payments as low as 3.5% in high-cost areas of California, the District of Columbia, New York, New Jersey and scattered counties in other states including Massachusetts, Florida and North Carolina. Fannie Mae- and Freddie Mac-eligible loans in those areas, meanwhile, stay capped at $625,500.
This action appears to leave the door open for additional action on reforming Fannie and Freddie, while at the same time weakening their leverage by reducing the access of certain borrowers to Fannie and Freddie as compared to FHA.
The goal — lobbied aggressively by realty and home-building groups — was to inject needed oomph into home sales. But Republicans in the House balked at doing anything that might prolong the existence of Fannie Mae and Freddie Mac, both the targets of scathing criticism for their multibillion-dollar costs to taxpayers and big bonuses for top executives.
What ultimately emerged from the legislative scrum was the compromise penalizing Fannie Mae and Freddie Mac, while boosting FHA. House Republicans weren't enthusiastic about helping the FHA either — the agency faces its own financial challenges — but unlike Fannie and Freddie, the FHA is subject to congressional appropriations and closer oversight. Republican critics held their noses and voted for the plan.
Stay tuned for more developments in reform of federal housing finance programs.
Thursday, November 10, 2011
C.A.R. Reports: BofA vows to streamline short sales
The California Association of REALTORS® reported to its members today that Bank of America says it is stepping up efforts to increase the number of short sales it completes.According to Bank of America officials, the bank is on track to complete 100,000 short sales in 2011, up from about 42,000 a couple of years ago. The bank plans to increase its short sale completions by 60 percent in 2012.
Bank of America now has 3,000 people on its short-sale account, bank officials said in a webcast statement. When the market first started to decline, the bank had approximately 200-250 people on its short sale account. The bank also is starting to mail out packets of materials to delinquent homeowners encouraging them to try to short sell.
Bank of America now has 3,000 people on its short-sale account, bank officials said in a webcast statement. When the market first started to decline, the bank had approximately 200-250 people on its short sale account. The bank also is starting to mail out packets of materials to delinquent homeowners encouraging them to try to short sell.
Friday, October 21, 2011
Loan Limits Amendment Passes U.S. Senate in a Squeaker
The U.S. Senate barely passed a measure to reinstate the previous conforming loan limits that had expired on October 1. An amendment was added to a HUD Appropriations bill by two Senators, one Republican and one Democrat. Bipartisanship is not dead, after all!
Last night at around 11:30 eastern the Senate voted to include an amendment sponsored by Senators Menendez (D-NJ) and Isakson (R-GA) in the Transportation – HUD Approps bill that would reinstate conforming loan limits to 125% of median area home price capped at $729,750. The amendment required a 60 vote threshold to pass and came in 60-38.
REALTORS® across the U.S. contacted their representatives in the House and Senate all summer long in order to remind Congress that access to housing finance is a critical part of our economy and the recovery. The approps bill including the loan limits amendment now heads to the House where it will likely go to conference between the House and Senate. Stay tuned for more updates as the details come together on the conference committee and the prospects of the loan limits among House conferees.
Last night at around 11:30 eastern the Senate voted to include an amendment sponsored by Senators Menendez (D-NJ) and Isakson (R-GA) in the Transportation – HUD Approps bill that would reinstate conforming loan limits to 125% of median area home price capped at $729,750. The amendment required a 60 vote threshold to pass and came in 60-38.
REALTORS® across the U.S. contacted their representatives in the House and Senate all summer long in order to remind Congress that access to housing finance is a critical part of our economy and the recovery. The approps bill including the loan limits amendment now heads to the House where it will likely go to conference between the House and Senate. Stay tuned for more updates as the details come together on the conference committee and the prospects of the loan limits among House conferees.
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