Archived News: 9/08/2006 | 4/05/2006

Wednesday, April 05, 2006

Assembly Committee Unanimously Passes CAMB Resolution
to urge Congress to Increase the Conforming Loan Limit in CA

Today the Assembly Housing and Community Development Committee voted unanimously in favor of Assembly Joint Resolution (AJR) 47 – a resolution that asks the President and Congress of the United States to recognize the high cost of buying a home in California and act to raise the current conforming loan limits in high cost states. The bipartisan passage of AJR 47 sends a clear signal to Washington that California is united behind the need to give residents the benefits of getting comforming loans.

While testifying before the Assembly Housing and Community Development Committee, Michael Faust, CAMB Government Affairs Committee Chairman said, “The passage of AJR 47 is an important step forward to restoring the opportunity for the American dream of homeownership in the Golden State. California is one of the most expensive housing markets in the country and residents should be given the same opportunity for home ownership as others across the nation.”

CAMB thanks AJR 47 author Assembly Member Mark Ridley-Thomas (D-Los Angeles) as well as co-authoring Assembly Members Ron Calderon (D-Montebello), Lynn Daucher (R-Brea), Bob Huff (R-Diamond Bar), Lloyd Levine (D-Van Nuys), Nicole Parra (D-Bakersfield), Juan Vargas (D-Chula Vista), Mark Wyland (R-Vista) and Leland Yee (D-San Francisco) for taking a stand on this issue and understanding the importance of easing the housing affordability crisis and saving Californian’s hundreds of millions of dollars a year.

“California consumers desperately need Congress to act now. Each day that Congress delays, consumers will continue to pay higher prices for these loans” said Ridley-Thomas. Ridley-Thomas estimates consumers pay approximately $2 million in additional interest per day.

CAMB continues its commitment to expanding access to homeownership for every Californian through its 2006 Legislative Bill Package. The Association supports HR 1461 which would increase the conforming loan limit in high cost areas like California to the region’s median price up to 150 percent of the conforming loan limit or $625,500. CAMB also supports AB 790 and AB 2890 which establishes accountability by originators to the consumers they serve.

Back to Legislative Page