On May 2, members of the Silicon Valley Association of REALTORS® joined thousands of REALTORS® from across California in Sacramento for the California Association of REALTORS® (C.A.R.) 2012 Legislative Day. REALTORS® make up one of the largest groups that meet with legislators every year and discuss how certain bills and policies that impact homeowners, home buyers and the industry.
California Governor Jerry Brown addressed the REALTORS® in the morning at the Sacramento Convention Center. He said the national and state economies are "out of whack" and things need to change. If his new tax plan on the November ballot is not passed, Brown said more cuts will have to be made.
"Unless we get to make big unpleasant cuts, we are not going to balance the budget," Brown said.
The REALTORS® later walked to the State Capitol building and discussed the following concerns with their respective legislators:
REALTORS® oppose AB 2425 and SB 1471, which seek to impose a version of the state of Nevada's disastrous robo-signing prohibition. The "Nevada Approach" broadly defines a robo-signed foreclosure document to include any document with any error, intentional or not; imposes a fine of up to $10,000 for recording a robo-signed document; and requires a servicer filing an NOD to personally certify the chain of mortgage ownership. This has prompted lenders to opt for judicial foreclosures instead of trustee sales, which slow down the process.
REALTORS® also oppose AB2610 (Skinner) and SB 1473 (Hancock), which seek to lock into California law part, not all, of the federal "Protecting Tenants at Foreclosure Act," preempting existing state law and extending the tenant eviction requirement to 90 days. Federal law contains a sunset provision and requirement of a "bona fide" tenancy, but AB2610 and SB1473 do not contain these safeguards. A borrower, knowing the loss of property is imminent, could recruit a "renter" to prevent the new owner from taking possession for 90 days or the duration of the lease with the "renter."
Silicon Valley's REALTORS® met with Assembly Members Paul Fong (Dist. 22), Richard Gordon (Dist. 21), Jim Beall (Dist. 24), State Senator Sam Blakeslee (Dist. 15), and staff of Senators Elaine Alquist (Dist. 13) and Joe Simitian (Dist. 11). The legislators thanked the REALTORS® for personally meeting with them.
"Your presence is important here… We respond to people who talk to us. If you don't talk to us, we haven't heard the story," said Assemblymember Gordon, who represents communities in San Mateo and Santa Clara counties, including San Carlos, Redwood City, Atherton, Menlo Park, East Palo Alto, Woodside, Portola Valley, Palo Alto, Los Altos, Los Altos Hills, Monte Sereno, Los Gatos, and the Almaden Valley of San Jose.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.