Recall Stalls CMBA Initiatives

The California gubernatorial recall situation has stalled legislative initiatives by the California Mortgage Bankers Association, the trade association says.Melissa Richards, the CMBA's general counsel, said the group has found in dealings with agencies that license and oversee mortgage banking that "we have a number of policy issues that have just been tabled, given the fact that the commissioners of these agencies are not sure if they're going to have a job come late October." Ms. Richards specifically named California's Department of Corporations, Department of Real Estate, and Department of Business, Transportation and Housing as the affected agencies. She said the only thing the CMBA can do about the inconvenience is to grin and bear it.