Meeting Notes
Real Estate Finance Committee
Marriott Marina Hotel
Marina Room F, South Tower Level 3
San Diego , CA
Thursday, September 22, 2005
9:00 AM – 11:30 AM*Please Note: Only the C.A.R. Board of Directors may take action on behalf ofthe California Association of REALTORS®; not individual committees. The Summary of Action Items for the Board of Directors may be found at http://www.car.org/index.php?id=MzU1MTU=. The archive section for each committee, including meeting materials for each committee, may be found at https://www.car.org/index.php?id=MjMy. Set out below is a summary of Real Estate Finance Committee activity, including the additional action on those items (if any) by other C.A.R. bodies.
CALL TO ORDER
The Chair convened the meeting of the Real Estate Finance Committee at 9:00 AM.ACTION ITEM – H.R.1295A motion was made and seconded:1. That C.A.R. “OPPOSE,” and seek the support of NAR to “OPPOSE,”H.R. 1295 because it includes:
-- A federal preemption of California’s subprime lending law;
-- Federal requirements for a uniform mortgage broker license;
-- A hard numerical threshold on debt to income ratio for borrowers;
-- An extension of the Home Ownership and Equity Protection Act (H.O.E.P.A) to purchase money mortgages.
Real Estate Finance Committee: Approved
Federal Issues Committee: Approved
Executive Committee: Approved
Board of Directors: ApprovedADJOURNMENT
The meeting was adjourned at 11:30 AM
