The California Association of Realtors (C.A.R) were featured in the new release of the Milken Institute report of housing finance. The landscape of this release talks about rebuilding housing finance, the perspective on Californians on Federal Reform, as well as the voice of CEO of C.A.R. Joel Singer.
The report notes the discussion of the California Summit that was in 2013 at the Santa Monica, CA headquarters of the Milken Institute.
“To represent the voice of California Realtors and their interests at such a prestigious event is valuable to our members and ensures the challenges facing real estate professionals are part of a n important conversation on finance reform, which will shape the future of our industry,” said president of C.A.R Kevin Brown in the release on car.org.
The U.S. housing market as well as legislators are proposing different ideas on housing finance reform as positivity is beginning to happen with the market. The effects are crucial for California given that of the housing market.
At this summit, leaders of real estate, finance, government, academics and philanthropy joined forces to create a think tank to not only influence the national conversation, present the perspective of key California stakeholders, and build on areas off consensus, but also to increase the importance of California’s interests.
The three points brought to the forefront were: reductions to loan limitations of government agencies and government sponsored enterprises, a change in capital necessities for investors in mortgage backed securities and creating state specific affordable housing.
In systematic reform, there was disconnect between these leaders meeting. They felt the risk of taxpayers of an obvious government guarantee for mortgage-backed securities and the appropriate apparatus for affordable housing support will happen in the future.
Attendees at the summit like said earlier was Singer and Brown, however Claudia Cappio the executive director of the California Housing Finance Agency, Dwight Jaffee professor of the Haas School of Business at University of California Berkeley, One West Bank chairman and CEO, Steve Mnuchin and senior fellow and of Milliken Institute and profess of University of Maryland School of Public Policy Phillip Swagel were all in attendance.