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CA AJR40

Joint Resolution

Official Source

Status

Passed

9/18/2012

Primary Sponsor

Jim Beall

Click for details

Origin

State Assembly

2011-2012 Session

AI Summary

  • Urges the Federal Housing Finance Agency and its director Edward DeMarco to immediately allow Fannie Mae and Freddie Mac to offer principal reductions to homeowners with underwater mortgages
  • Cites over 2 million California homes currently underwater with combined value exceeding $196 billion, where owners owe more than homes are worth
  • Notes that Fannie Mae and Freddie Mac control over 60 percent of California mortgages and over half of all U.S. home loans
  • Directs the Chief Clerk of the Assembly to transmit copies of the resolution to the President, Vice President, Congress members, and the Federal Housing Finance Agency Director

Legislative Description

Mortgages.

Last Action

Chaptered by Secretary of State - Res. Chapter 140, Statutes of 2012.

9/18/2012

Committee Referrals

Rules7/6/2012
Banking and Finance6/11/2012

Full Bill Text

No bill text available