California: Just one CFPB isn’t enough

Who says you can’t get enough of a good thing? The big news going around over the weekend is that California’s apparent ire at the Consumer Financial Protection Bureau not doing its job has led the Golden State to start its own old-school CFPB.

That’s right, California misses itself some Richard Cordray (probably). David Lazarus, business columnist for the LA Times, got the scoop last week and wrote the new regulatory body would combine some existing offices and start off as the Department of Financial Protection and Innovation.

“The governor’s office told me this would include ‘dozens of new staff,’ greater scrutiny of consumer markets ‘to identify patterns of abuse,’ and increased outreach to people frequently targeted for questionable financial practices, such as veterans and immigrants,” Lazarus wrote. “Significantly, the new law also would give the state oversight of debt collectors — a regulatory function now limited to federal authorities.”

California can’t be alone in thinking the CFPB is not as active on the scene as during the previous administration, which saw its formation. And the state thinks it can add consumer protections, without additional costs to taxpayers. If so, this could be the start of a national trend to firm up state regulations.

Boomers are finally, slowly on the move

Who remembers that Wall Street Journal article that frightened readers into thinking 21 million homes were about to flood the market? Talking about this one right here, titled: OK Boomer, Who’s Going to Buy Your 21 Million Homes?, published November 23, 2019.

Once we stopped panicking enough to read the piece, it turns out the homes are coming over the course of decades. Whew. But, wait a sec, just a little over a week earlier the WSJ also published this piece that boomers were NOT going to move out. That one was published November 12, 2019.

Now we all know that senior housing can’t shift so dramatically in a matter of 11 days. However, analyzing solid data on where the boomer demographic is moving is important. Data on these properties indicate the level of future, mortgageable homes. 

Assuming boomers, if and when they move, will in some part move into senior care, we are also watching that space closely. According to the publication Senior Living: “Assisted living occupancy increased to 85.7% in the fourth quarter of 2019, up from a record low of 85.1% in the second quarter as demand outpaced new inventory growth, according to data released Thursday by the National Investment Center for Seniors Housing & Care.”

“Overall, senior housing occupancy (independent living and assisted living combined) rose nationwide in the fourth quarter, up 0.1% from the third quarter, to 88%, NIC said,” the article adds.

So, as it turns out, boomers may finally, slowly be on the move.

Cali judge tells Moms 4 Housing to hit the road, but will they?

A couple of weeks ago, Up NEXT brought you the news about a group of women in Oakland who were squatting in a private residence to highlight the state’s affordable housing crisis (you can read that story here). Sadly, the story is taking a turn for the worse for the women, who last week were told by a judge that they were, in fact, breaking the law. They were ordered to be out of the property by this Friday, according to coverage in the local CBS affiliate.

If the group’s unofficial Twitter page is anything to go by, they won’t be leaving the home willingly, although they recognize the ruling is lawful.

The owner of the property, Wedgewood Properties, said Saturday it would pay temporary housing and moving expenses for the group of homeless mothers, according to the San Francisco Chronicle.

Moms 4 Housing, the article states, replied they would accept no such offer as Wedgewood is the “corporate villain.” 

According to that article, Wedgewood said it will pay moving expenses and the Catholic Charities of the Easy Bay to house the mothers for two months while they look for new housing, according to a statement from Sam Singer, a spokesman for the real estate group. “We urge the group to leave peacefully and voluntarily,” Singer said.

NEXT Mortgage News logo

Stay in the know

Get the daily intel that impacts your customers, employees and market. 

Up NEXT eNewsletter — Industry news

Thank you!

Share This