- This topic has 5 replies, 4 voices, and was last updated 17 years, 2 months ago by IONEGARM.
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February 26, 2007 at 8:16 PM #8473February 26, 2007 at 9:55 PM #46330lindismithParticipant
Thanks for this. I wrote him.
I actually really dig writing to our elected officials. They always write me back too. It’s always nice to come home to a letter from The Governator.
February 27, 2007 at 4:01 AM #46344powaysellerParticipantI listened to the hearing, and Machado asked for a few panel members to get back to him with further information, giving them 30 days to do so. That puts us out to February 28.
Now I think that tighter underwriting guidelines will come from the lender/investor side first. That means by the time the Senate Finance Committee gets around to stopping the ponzi scheme of loose lending and finally pays attention to bank safety, the very loans they are trying to prevent will no longer even be available.
Where was Machado in 2004?
February 27, 2007 at 11:23 AM #46362IONEGARMParticipantWhether Machado asked others for more time or not, the key would be to let them know that people are watching them and expecting them to take action.
NEW has sent out an email saying they will restrict all IO loans (except the 10 yr IO) in states that have the nontraditional mortgage guidance, so it is having an effect.
But people have to care enough to at least send an email and spread the word.
February 27, 2007 at 11:43 AM #46366(former)FormerSanDieganParticipantYes, let’s have the state legislature that brought us electricity market deregulation (by unanimous vote, by the way) fix the problems with the housing market and mortgage lending criteria. If you think we have problems now, enlist our state lawmakers to fix it.
While we are at it, why don’t we ask the legislature to pass a law that all housing be priced at a fixed multiple of median salary. And to make things fair, they should also install the maximum wage at 2x the minimum wage, to level the playing field.
[/sarcasm off]
I disagree. As painful as it may be sometimes, I believe in free markets.
February 27, 2007 at 11:54 AM #46368IONEGARMParticipantThe bill is going to adopted, it is only a matter of WHEN and if it is a regulation or guidance.
Here is the bill (SB 385):
http://info.sen.ca.gov/pub/07-08/bill/sen/sb_0351-0400/sb_385_bill_20070221_introduced.html
Just write your representative and ask for immediate adoption.
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