UTA Joins Coalition To Produce Economic Report

Dr. Christopher Thornberg

UTA has joined an industry coalition with the California Mortgage Association, the California Bankers Association, the California Mortgage Bankers Association, the California Credit Union League, and MERSCORP to finance an economic report to be produced by Beacon Economics.  Beacon Economics is a firm of California’s leading economic researchers and consultants, including Dr. Christopher Thornberg.  Prior to forming Beacon Economics, Thornberg was the Chief Economist for the California State Controller and Senior Economist of the UCLA Anderson Forecast.  He is widely quoted in the media.

The report will focus on proposed rule changes for foreclosures, specifically as it relates to Attorney General Harris’ “Homeowners Bill of Rights”.  Both the short run impacts and long-run impacts of these legislative proposals will be explored.  The report will include a cross sectional study of various states, combined with a case study on Nevada’s change in rules and the impact on the housing market.

The report will focus on the unintended consequences of making the foreclosure process more difficult for lenders and will provide an economic and fiscal impact of the proposed Homeowners Bill of Rights.  Dr. Thornberg will attend media events to address the report, once completed.  Additionally, UTA has hired a public relations firm, Greg Jones Public Relations, to both combat misrepresentations made in the media about the foreclosure process and to advocate for the role of trustees in the media.