C.A.R.’s statement on the “Housing Finance Reform and Taxpayer Protection Act”
LOS ANGELES (June 26) The CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) today issued the following statement on the “Housing Finance Reform and Taxpayer Protection Act,” proposed yesterday by Sens. Bob Corker and Mark Warner.
“We commend Sens. Bob Corker and Mark Warner for proposing meaningful and bipartisan legislation, which provides an opportunity to redefine America’s commitment to housing,” said C.A.R. President Don Faught.
“While the bill is a starting point, any final legislation must not hinder liquidity for qualified home buyers, especially in a down market.
“California, in particular, will be adversely impacted by this bill, which seeks to lower loan limits in high-cost areas, thereby making it more difficult for California home buyers to get equal access to affordable mortgage capital and reducing homeownership opportunities.
“We look forward to working with California senators on ways to improve the legislation to ensure it won’t harm California home buyers or its housing market.”
Leading the way…® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with 155,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.