Legislative
Bi-partisan Proposal For Water Bond Issue May be in Peril and A Negative Outcome is Feared in San Diego
July 12th, 2008 categories: Buying San Diego Real Estate, Legislative
The worsening water crisis in California brought forth a bipartisan effort for a $9.3 billion bond measure. There is some resistance building in the state capital as some of the legislatures feel that conservation alone can save California from the looming catastrophe .
The 9.3 Billion Dollar bond proposal includes $3 billion for reservoirs and other storage projects, with costs to be split between the state and local water providers; $2 billion for projects to use water more efficiently, protect its quality and reduce runoff; $1.9 billion to develop a Delta management plan; $1.3 billion for conservation programs along the Sacramento, San Joaquin and Klamath rivers and the Salton Sea; and more than $1 billion to improve ground water quality and recycle water.
The legislature must approve the proposal and put it forth for the voters to decide in November. But the resistance seems to be growing there and foot dragging and excuses are makes it seem that there is inaction on the water issues. San Diego , the 2nd largest city in the state is most affected as there was a judicial action that cuts the water supplies form the Sacramento River Delta due to the risk to some smelt if the Delta level continues to drop. The judicial decision called for a 50% cut back of water supplies to San Diego and since over 90 percent of our water is purchased, this is going to have a stunning effect on available water resources in our region. Thinking conservation will cure the shortfall is wishful thinking.
This proposal though could go a long way in getting new storage facilities built to provide needed reserves. The 1.9 million for the Delta Management plan would help getting the judicial decision to either be reconsidered or set aside.
The water agencies through out the state all see this as a vital issue and they are in praise of the bi-partisan proposal. Next step, get the legislature to take action ASAP and get this measure approved so that people around the state can be made aware of how important it is and get approved come the fall elections.
If this doesn’t get done San Diego stands to hurt to most and the potential for job loss and many other ill effects will be felt in every household. San Diego has seen one water plan after another at the state level having the life sucked out it and it must be realized by everyone that a controlling part of the legislature believes that dams and storage projects are harmful to the environment.
We of course can be hopeful for rain showers but the weather man says the forecast is for more drought. So good luck with that. Desalination is opposed, recycling plan not ready, importing more water seems to off the table. So if this proposal doesn’t get done, we best hope someone has some connections with the rain gods and start praying.
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California Senate Bill Wants Lenders to Better Maintian Their Bank Owned Properties
May 9th, 2008 categories: Legislative, Local San Diego News You Can Use, San Diego Real Estate
From the Voice of San Diego Real Estate, this just in. 
A recently passed California State Assembly bill will allow communities in California to go after the lenders with a daily fine of $1000 per day for neglecting an REO property’s conditions and allowing them to become rundown and a neighborhood blight. The bill SR 1137( Perata) was passed in the senate and moves now to the assembly for ratification. If it passes there, it goes to the Governor for signing and making it law.
While I certainly agree with the intent of the bill, I wouldn’t count on anything changing to much in the way REO’s are maintained while on the market. I am not sure if lenders give authority to their listing agents for other than utilities but from the REO’s I have seen, they certainly do not get the maintenance attention they need.
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*Red Alert* New “Point of Sale” Bill Pending in Assembly Could Affect San Diego HomeOwners!
April 21st, 2008 categories: Buying San Diego Real Estate, Legislative, San Diego Real Estate, San Diego Real Estate News, Selling San Diego Real Estate
The State Assembly here in California is busy trying to do all the right things for the citizens that live here when it comes to using energy. In their quest to be sure that we begin conserving energy, our legislators here in California have this new idea that we should all have an Energy Audit and to take it one step further , even to make it mandatory that we all do it just in time to sell our homes to another Buyer that doesn’t yet have an understanding of what energy conservation is. AB 2678 (Núñez) which among other things, requires that ALL homes and commercial property in California have an energy audit at point-of-sale and that mandatory energy efficiency investments be made.
As well intended as this might be, such mandates will even further erode and weaken the housing market. If enacted, AB 2678 could also add potentially thousands of dollars to the cost of selling or purchasing a home, including hundreds of dollars just to have a home audited. Now , what we all need is to waste a lot more paper, time and energy with yet another disclosure and report. Not to mention whatever the energy efficiency investments would be. Perhaps a new cottage industry the legislators are encouraging. Maybe this is what is meant by encouraging new business here in California?
Now, I don’t know about you but there must be a better way to encourage energy conversation than these onerous point of sale mandates. Well intended but just plain wrong.
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Congress Encourages Increase In Fannie and Freddie Portfolio Loans
October 20th, 2007 categories: Legislative
With a tidal wave of expected foreclosures looming in the horizon, there is a move by Congress to expand the government-sponsored finance corporations.Increasing the portfolio size over the current $700 billion limit for each Fannie Mae and Freddie Mac is opposed by the current administration. The additional risk could end up being the taxpayers burden. That risk is now being encouraged by Congress with the proviso that Freddie and Fannie have a strong independent regulator overlooking these ostensibly hybrid public/private corporations even though having government backing. Read the rest of this entry »
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Federal Predetory Lending Legislation Moving To Front Burner
September 11th, 2007 categories: Buying San Diego Real Estate, Legislative, San Diego Mortgage Banks and Loans Info, San Diego Real Estate, San Diego Real Estate News
Congress is right smack in the middle of a huge quagmire. There are factions of congress that are proposing legislation that goes beyond the lenders practices they want to clean up.
In particular there is legislation being discussed that wants to reach down to the investor level that buy the mortgage securities. One such proposal has the mortgage securities and the investors that buy them to be held liable for any loan fraud involved in the securities that the packaged loans for investment contain.
The fear in any such bill is that if mortgage securities and the investors have to review each of the loans, it could spell disaster and be a sword whose edge cuts negatively on both edges.
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Fixing Our Overcrowded Transportation System In San Diego County? Taxes or Tolling ?
September 5th, 2007 categories: Legislative, Local San Diego News You Can Use, San Diego Real Estate, San Diego Real Estate Legal, San Diego Real Estate News
Have you noticed how willing our state legislators are to spending the tax revenues? Rhetorical question of course. How could one help but notice? The better question to ask is on what? It isnt like our roads and infrastructure are forefront on their 1st page of discretionary spending.
If the funding was for maintaining streets and bridges, thats one thing but since it isnt sexy, those funds are appropriated for things in districts that hallmark the legislators image. And what would that look like you might wonder. Well we are all wondering, but we can be sure the funds are going there because they certainly are not going to streets and bridges and other aging and updated infrastructure.
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