Gov. Arnold Schwarzenegger said Wednesday he will sign three bills to increase protections for Californians who own or plan to purchase homes and to expand affordable-housing opportunities.
The bills are:
* SB 223 by Sen. Mike Machado (D-Linden) will make it a crime for licensed appraisers to engage in any appraisal activity that is connected to the purchase, sale, transfer, financing or development of property if their compensation is impacted by the final price generated by the appraisal.
* SB 385, also by Machado, permits state agencies involved with residential mortgage lending and brokering to adopt emergency measures and new policies to ensure that mortgage lenders and brokers are subject to federal guidelines on non-traditional mortgages.
* AB 929 by Assembly member Sharon Runner (R-Lancaster) increases the amount of affordable housing in California by raising the total debt that the California Housing Finance Agency can carry by $2 billion. CalHFA issues bonds to finance housing for low and moderate-income families.
Read more . . .www.bizjournals.com/eastbay/...ly27.html
The bills are:
* SB 223 by Sen. Mike Machado (D-Linden) will make it a crime for licensed appraisers to engage in any appraisal activity that is connected to the purchase, sale, transfer, financing or development of property if their compensation is impacted by the final price generated by the appraisal.
* SB 385, also by Machado, permits state agencies involved with residential mortgage lending and brokering to adopt emergency measures and new policies to ensure that mortgage lenders and brokers are subject to federal guidelines on non-traditional mortgages.
* AB 929 by Assembly member Sharon Runner (R-Lancaster) increases the amount of affordable housing in California by raising the total debt that the California Housing Finance Agency can carry by $2 billion. CalHFA issues bonds to finance housing for low and moderate-income families.
Read more . . .www.bizjournals.com/eastbay/...ly27.html
