HomeMy WebLinkAbout12-066 CC Resolution RESOLUTION NO. 12-66
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF TEMECULA SUPPORTING HOUSE OF
REPRESENTATIVES BILL HR 5823 (REP. GARY MILLER,
R-DIAMOND BARj SAVING TAXPAYERS FROM
UNNECESSARY REAL ESTATE OWNED BULK SALE
PROGRAMS
THE CITY COUNCIL OF THE CITY OF TEMECULA DOES HEREBY RESOLVE
AS FOLLOWS:
WHEREAS, House of Representatives Bill, HR 5823, is intended to save
taxpayers from unnecessary real estate owned bulk sale programs by prohibiting the
Director of the Federal Housing Finance Agency (FHFA) from: (1) disposing of any real
estate owned by it, by the Federal National Mortgage Association (Fannie Mae), or by
the Federal Home Loan Mortgage Corporation (Freddie Mac) located in California under
any initiative for bulk sales of such real estate; and (2) carrying out such initiative; and
WHEREAS, House of Representatives Bill, HR 5823, is intended to protect the
current housing market recovery in Riverside County by prohibiting bulk sales of real
estate owned (REO) properties by the FHFA to investors converting them into rental
properties; and
WHEREAS, House of Representatives Bill, HR 5823, is intended to prohibit bulk
sales of REO properties by the FHFA and protect genuine home buyers in Riverside
County who are already encountering competition from investors in an environment
where multiple offers are made on distressed and foreclosed properties and are sold in
an average of 35 days, typically at, or higher than, asking price; and that the existing
high demand and low inventory is not appropriate for bulk sates of REO properties to
investors; and
WHEREAS, House of Representatives Bill, HR 5823, is intended to protect tax
payers since Fannie Mae would not receive fair market value for REO properties that
are sold in bulk to investors by the FHFA, thereby saddling taxpayers with their loss.
NOW, THEREFORE BE IT RESOLVED that the City of Temecula su,pports
House of Representatives Bill, HR 5823, and will send a copy of this resolution in
support to California State and Federal legislators.
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PASSED, APPROVED, AND ADOPTED by the City Council of the City of
Temecula this 11 day of September, 2012. �-
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k Washington, Mayor
ATTEST:
Susan W Jones, MC
' Cler
[S EAL]
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk of the City of Temecula, do hereby certify that
the foregoing Resolution No. 12-66 was duly and regularly adopted by the City Council of
the City of Temecula at a meeting thereof held on the 11 day of September, 2012, by the
following vote:
AYES: 5 COUNCIL MEMBERS: Comerchero, Edwards, Naggar, Roberts,
Washington
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 0 COUNCIL MEMBERS: None
ABSTAIN: 0 COUNCIL MEMBERS: None
,
usan W. ones, MMC
City Clerk
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