CAMB Proposes Solutions to Mortgage Crisis

The California Association of Mortgage Brokers has come up with several proposals that it says represent solutions to the current mortgage market crisis for consumers.Speaking at a news conference at the group's annual convention in Long Beach, Calif., Ed Smith, its vice president of government affairs, said the CAMB urges servicers to offer flexible repayment strategies for borrowers facing default and foreclosure, calling it an "extremely important issue for homeowners in California." The CAMB repeated its past call for Congress to declare California to be a "high-cost" state for homeownership. (Right now the only two states with that designation are Alaska and Hawaii.) The group also called on Wall Street to develop lending programs and products attractive to investors and accessible to borrowers. "As has been the case throughout history, markets fluctuate but they always recover," CAMB president Pete Ogilvie said. "CAMB stands ready to work collaboratively with regulators and other stakeholders to stimulate a strong rebound."