Debate about California’s housing crisis typically revolves around low-income households. The rule of thumb is that people shouldn’t spend more than 30 percent of their income on housing. But more than 90 percent of California families earning less than $35,000 per year spend more than 30 percent of their income on housing.
This isn’t new; that percentage has been stubbornly high for years. Nor is this an exclusively Californian problem — the comparable figure for the United States overall is 83 percent.
The final SAFE Act regulations appear to exempt seller carry back loans if the individual is not engaged in the “business” of a Mortgage Loan Originator. In the appendix, page 146, (b) the regulations say:
Not Engaged in the Business of a Mortgage Loan Originator. The following examples illustrate when an individual generally does not “engage in the business of loan originator”:
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