READERS: ACT NOW! Amended AB957 is NOT the Buyer’s Choice

Dear Readers,

Sometimes bad legislation happens. I’m very disappointed to tell you that AB 957 is now anything BUT the Buyer’s Choice Act. In fact, the current version of AB 957 is so bad, we would actually be better off without it rather than to pass AB 957 with the amendments that have been recently added.

Once again, I need your help. Help me stop this bad legislation which will hurt real estate professionals and consumers in our state.

The latest version of AB 957 has appeared with amendments that actually make it easier for the banks to divert services to their big title business partners. The new language says that banks can include a document to the prospective buyer that states they, the banks, have title and escrow services they want to use and to please sign if you agree to use their services. It is not clear if this document appears before or after an offer is accepted. Let me ask you, what buyer is going to decline the bank’s services if they think their offer’s acceptance is at stake?

I have attached the link below for your review.

We at Re-Insider.com are opposed to AB 957 due to its recent amendments, I think once you read them, you will be as well.

So what can you do about this? PLEASE contact your California Senators in your respective voting areas today and tell them that you oppose AB 957 as amended because it will help to put too many independent professionals out of business and out of work. Further it will damage the trust and integrity that every buyer and seller has with their agent and broker.

http://www.leginfo.ca.gov/pub/09-10/bill/asm/ab_0951-1000/ab_957_bill_20090817_amended_sen_v94.pdf

Click here for a list of the Senators in your respective areas: http://192.234.213.69/smapsearch/framepage.asp

Please call ASAP – TODAY because this bill could go to the Senate as soon as Monday morning.

Thank you,

Serena Ehrlich
RE-INSIDER.com

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Congressman Jim Costa Questions Freddie Mac’s Recent Partnership with First American Natural Hazard

Dear Readers,

As you know, I recently wrote an open letter to Freddie Mac’s CEO regarding their recent exclusive partnership with First American Natural Hazard. My concern has always been that arrangements like this are designed to cut out the smaller independent providers and to create situations like the monopoly currently being enjoyed by the two big title companies in CA real estate REO transactions. Well, I am not the only one who feels this way.

CA Congressman Jim Costa (D-Fresno) recently wrote his own open letter to Freddie Mac (click here to view) that includes several questions that we would love to see answered, including:

Did Freddie Mac consider the impact this might have on other independent NHD Report providers? What measures have been taken to ensure that this special deal does not negatively affect California consumers? What benefits does Freddie Mac gain by dealing with First American Natural Hazard Disclosures?

Freddie Mac will have to answer these questions and many others as people both on Capitol Hill and throughout the CA marketplace realize the enormity of the ramifications of agreements such as the one between Freddie Mac and First American Natural Hazard.  Especially in light of the fact that it is our own tax dollars paying to support companies like Freddie Mac who so quickly turn around and engage in practices that ultimately harm CA tax payers .

We will continue to request that Freddie Mac opens the Natural Hazard Reports market to fair and open competition leaving the decision where it is supposed to be, with California home buyers and their real estate agents.

In the meantime, a huge thank you to Rep Jim Costa (D-Fresno) for his efforts!

Serena