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VISIT US ONLINE @ DSNEWS.COM loans in private label securities," Amherst said in its report, also noting that the program's lack of a mechanism to protect homeowners against a less than fair price was a concern. Between the two cities that approved the resolution, Amherst found that 3,165 loans meet the program's criteria. Amherst stated it believes that the intent of the program is to buy the targeted loans out of the trusts at 75-80 percent of the automated valuation model (AVM) assessment of the property. A joint letter issued by 18 organizations, including the Securities Industry and Financial Markets Association (SIFMA), Association of Mortgage Investors (AMI), and National Association of Home Builders (NAHB), expressed strong opposition toward officials' consideration of the program. "If eminent domain were used to seize loans, investors in these loans through mortgage-backed securities or their investment portfolio would suffer immediate losses and likely be reluctant to provide future funding to borrowers in these areas. It is essential to remember that investors in mortgage-backed securities channel the retirement and other savings of everyday citizens through their investment funds," the letter stated. The letter also stated the program could "further depress housing values in the county by restricting the flow of credit to home buyers." In an opinion piece published in the New York Times, Robert Shiller, professor of economics and finance at Yale, expressed support for the program's use of eminent domain to address underwater mortgages. "The original mortgage holders, the investors in the new mortgages, the homeowners, and the nation as a whole will generally be better off. There will surely be some who may not agree, like the holdout farmer opposing the highway, but eminent domain ought to be able to push ahead anyway," wrote Shiller. He also contended that the "true fair market value for these mortgages is arguably far below their face value, given the likelihood of default, with its attendant costs." Elements of California Homeowner Bill of Rights Made Law California Gov. Edmund G. Brown signed several provisions of the muchdebated Homeowner Bill of Rights into law last month. The Homeowner Bill of Rights REO AND California SHORT SALES SPECIALIST SOLD SOLD GARY CARTER 20955 Pathfinder Road, Suite 100 Diamond Bar, CA 91765 d: 909-860-5540, c: 951-315-7327 f: 909-860-8470 mr.sold007@yahoo.com www.garycarterrealtor.com consists of a series of related bills containing provisions that prohibit certain practices by lenders that are said to have contributed to the state's foreclosure crisis. Chief among the banned practices are robo-signing (signing of mortgage documents without proper review) and dual-tracking (starting foreclosure proceedings while the homeowner is in negotiations for a loan modification or other foreclosure prevention option). The legislation imposes civil penalties on perpetrators of these activities. In addition, it guarantees struggling homeowners a single point of contact with their lender who has knowledge of their loan and direct access to decision makers. "Californians should not have to suffer the abusive tactics of those who would push foreclosure behind the back of an unsuspecting homeowner," Brown said. "These new rules make the foreclosure process more transparent so that loan servicers cannot promise one thing while doing the exact opposite." The robo-signing and dual-tracking provisions will go into effect at the start of 2013. Borrowers can access the court to enforce their rights under the legislation. The Homeowner Bill of Rights also includes a number of bills currently outside Nordine Realtors Since 1990 Leo Nordine www.nordine.com - nordine@nordine.com over 3300 personal sales of the conference committee process. These other bills enhance law enforcement responses to mortgage and foreclosure-related crime. In addition, some bills are designed to help communities fight neighborhood blight resulting from foreclosures and provide enhanced protection for tenants in foreclosed homes. The Bill of Rights, unveiled by Attorney General Kamala Harris in February, builds upon reforms negotiated in the national mortgage settlement between leading servicers and 49 states. Harris secured up to $18 billion for California homeowners in the agreement, some of which was used to establish a Mortgage Fraud Strike Force intended to investigate crime and fraud associated with mortgages and foreclosures. "The California Homeowner Bill of Rights will give struggling homeowners a fighting shot to keep their home," Harris said. "This legislation will make the mortgage and foreclosure process more fair and transparent, which will benefit homeowners, their community, and the housing market as a whole." Clear Capital Offers New Report on Rental Market Clear Capital released a new rental market report with information to help potential investors analyze and determine appropriate rental rates and potential rental income for a specific property. For rental rates, the report uses information that comes from a broker or agent during a physical inspection of the property. While at the property, the broker or agent gathers information ranging from property condition, construction quality, fixtures, location, access to public transportation, and other factors that would affect rental rates. 77