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Source: Market Watch
Date: 9/4/2008
Authors: California Mortgage Bankers Association

News Bite

CA Legislature Reaches Agreement on Mortgage Regulation Bill

The California Mortgage Bankers Association (CMBA) has released a statement in support of revised Assembly Bill 1830 by State Assemblyman Ted Lieu. The CMBA said the the bill strengthens and builds upon the update to Regulation Z (Truth In Lending) regulations recently released by the Federal government, without arbitrarily limiting access to credit or discouraging the investments that are needed to restore liquidity to California's housing market.

The CMBA said that the compromise brings a balanced approach utilizing the same definitions and standards that federal regulators used for updating the federal regulations. This balance in state and federal laws should not arbitrarily limit access to credit or discourage investments.

California has also moved to pass Senate Bill 1137, the Mortgage Relief Act that is currently helping families currently facing foreclosure by establishing new processes to reach out to homeowners prior to foreclosure, providing them with additional information on the process and encouraging further efforts to avoid foreclosure wherever possible.

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