Marquis Ballroom Northeast/Northwest
Marriott Hotel
Anaheim, CA
Thursday, October 4, 2012
3:30 p.m. – 5:15 p.m.
Presiding:
Mark Peterson, Chair
Darnella Barnes, Vice-Chair
Terry Wunderlich, Vice-Chair
Patricia Bouie-Hinds, Executive Liaison
Staff:
Matt Roberts, Federal Government Affairs Manager
I. Welcome and Opening Comments – Mark Peterson
II. Reports by Committees and Task Forces
A. Transaction & Regulatory Committee – Greg Galli, Chair
1. REO to Rental Securitization
Over the last year, hedge funds, investment banks, and other large investors have begun to slowly buy single-family REOs for the purpose of renting out and selling at a later date. In the meantime, the investors want to sell shares in (securitize) the pools of rentals. What position, if any, should C.A.R. take?
2. Expanding Refinancing Opportunities Act
Federal legislation has been introduced that would allow homeowners who are current on non-governmental mortgages to refinance into FHA mortgages without meeting loan to value tests. To pay for the cost of this program the legislation proposes an increase in the Fannie Mae and Freddie Mac guarantee fee.
3. Renters to Homebuyers Programs
Federal legislation has been introduced that would allow former homeowners who lost their home in a distressed transaction, and did not do a strategic default, to qualify for FHA mortgages again earlier than the conventional length of time.
4. Government “Bulk Sale” Programs Summary
Freddie Mac and FHA have recently announced their own form of a “bulk sale” program. These programs are distinctly different from each other, and from the FHFA REO-Initiative Pilot Program for Fannie Mae REOs that C.A.R. has strongly opposed. What position, if any, should C.A.R. take on the programs?
5. Eminent Domain to Seize “Upside Down” Mortgage Notes.
Should C.A.R. Sponsor legislation or pursue other options?
B. Taxation & Government Finance Committee – Ted Loring, Chair
C. Housing Committee – John Torres, Chair
D. Land Use & Environmental Committee – Shari Setser, Chair
E. Distressed Property Task Force – Sharon Bowler, Chair
III. Member Mobilization Report – DeAnn Kerr
IV.Fiscal Cliff
Prior to the end of the year, Congress is facing the expiration of approximately 60 tax provisions, an automatic budget cut and the nation’s debt running up against the current debt ceiling. This has become known as the “fiscal cliff” as inaction by Congress will force the nation into a recession in the short term, but may prove to be beneficial in the long term.
V. Other Business
VI. Adjournment
