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A blog about the economy and the Sacramento-area real estate market.

September 25, 2008
Governor signs mortgage bills, but vetoes a big one

 

gov_schwarzenegger.jpgIt was "real estate day" as Gov. Arnold Schwarzenegger plowed through a list of mortgage bills, signing several and vetoing the one, AB1830, that would have cracked down the hardest on lending industry practices.

Here is the governor's veto message.

Reaction came fast: The bill's author, Assemblyman Ted Liu of Southern California, said it was a Win for Wall Street and a loss for Main Street.

The California Reinvestment Coalition, which pushed hard for the lending industry crackdown also weighed in with a  news release critical of the veto.

The California Mortgage Association representing mortgage brokers and lenders  hailed the governor's veto as a bold stroke. 

The California Association of Realtors also had praise for the governor's veto, calling it "true leadership."

 

  Finally, here is the governor's announcement of all the mortgage-related bills he did sign.

Image: techluver.com

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