THIS MORNING I FOUND THIS SAD EMAIL:
Dear some people I can think of,
A friend who was set to move into her house under a low/moderate income loan program THIS WEEK has, at the last second, been told that the money is gone, no loan for the down payment, sorry.
She is one of thousands who will be affected by this.
I'm at work rushing to write this to alert you to find out all you can and do everything you can to lobby to reverse this outrageous take-back. I myself out of sheer LUCK (yes hard work of many, but I mean luck I wasn't affected by this) just skidded into my own purchase today. Many others will not, despite whatever hard work by so many, be so lucky. They have given up rentals, moved out, and the performed the many other details required to move to their new homes, and are now being told, "sorry."
It was a decision made by the PMIB. Who the "PMIB" is/are, I and those affected have no idea.
I hope some of you can research, publicize, and work against this.
Some info on the POOLED MONEY INVESTMENT BOARD
Here's basically what I've found: The POOLED MONEY INVESTMENT BOARD (PMIB) is part of the California State Treasurer's Office under Bill Lockyer, and they had a meeting on Wednesday, Dec 17th in which they made a number of recommendations, including "Freeze disbursements"
The Staff Report with their recommendations is at http://www.treasurer.ca.gov/pmia-laif/pmib-staff/20081217_7.pdf
The overall PMIB page is http://www.treasurer.ca.gov/pmia-laif/PMIBmeetings.asp
Here's the PMIB membership, meeting place and time. It looks like they meet once a month.
POOLED MONEY INVESTMENT BOARD
State Treasurer’s Office
915 Capitol Mall, Room 110 587
Sacramento, California 95814
State Treasurer Bill Lockyer
State Controller John Chiang
Director of Finance Michael C. Genest
EXECUTIVE SECRETARY Bettina Redway
Regular Meeting – Open Session
Wednesday, December 17, 2008 – 10:00 a.m.
According to various newspapers, this happened because of the California state financial crisis. Below are some excerpts from an AP article
CALIF. DEMS TRY TO PASS BUDGET WITHOUT GOP VOTES
By JUDY LIN, The Associated Press
December 17, 2008 http://www3.signonsandiego.com/stories/2008/dec/17/ca-state-budget-121708/?zIndex=23927
SACRAMENTO, Calif. — Raising another alarm in California's budget crisis, a state panel that oversees loans for public works voted Wednesday to stop financing nearly all infrastructure projects in the state, halting nearly billion in loans for everything from freeway interchanges and carpool lanes to classrooms.
The three-member Pooled Money Investment Board voted 3-0 Wednesday not to lend money for an estimated 2,000 infrastructure projects statewide through June, saying the state's finances are so grim that California can no longer afford to fund them.
"We don't have the money to loan, so we're stopping the projects," said state Treasurer Bill Lockyer, the panel's chairman.
California is expected to run out of operating cash in February, creating another drain on the pooled fund that makes loans available for construction projects.
Lockyer had warned the Legislature last week that the unprecedented halt in funding would be necessary if lawmakers did not immediately address a billion deficit in the fiscal year that ends in June. The hole is forecast to grow to billion over the next 18 months.