b'From the PresidentBy David Herzer2019-2020 CMA PresidentRoll the DiceT his summer has had its ups and downs. Theour colleagues is that lower interest rates shouldlegislative solutions.In particular Leslie found the stock market has been very volatile, thehelp to soften the blow of the seemingly pendingsmoking gun commentary on the DRE website, yield curve is inverted and real estate pricesrecession.Furthermore, the lower rates make ourwhere the DRE acknowledged that a covered seem to have peaked in some markets.Of course,asset class more attractive to investors relative toloan is aconsumer credit transaction (primarily CMA has remained steady through all this turmoil!others.So, we can take some solace, but indeedfor personal, family or household purposes, even caution is advised. while the DRE was citing one of our members for One of my highlights was the CMA Summer SeminarNOT treating a business purpose loan on owner-in San Diego.I understand there was a prettyThe 4970 saga is finally over and hopefully, nooccupied property as a covered loan!The DREs competitive golf tournament, the Wednesdaysurprises lie ahead.With the help of the CMA, Dennispublished commentary was likely the reason that night mixer was a blast and the seminar providedDosss client successfully settled its case, with thethe DRE suddenly changed courses and settled the lots of great materiel.We were privileged toDRE agreeing to republish on their website and indispute.Lastly, I would like to personally thank all have Chika Sunquist from the Department of Realthe next Quarterly DRE Bulletin their previous andthe CMA members who donated their own money Estate install our new Board members and officers.long-standing advice that Civil Code 4970akato help fund Dennis clients legal fight. Great Even better was Glen Goldans tribute to Chuckthe Hi-Cost Loan Lawdoes not cover businessteamwork, thank you all!Herschon (spelling) who received the honor of beingpurpose loans secured by owner occupied property. appointed as Director Emeritus.The accompanyingFurthermore, and most importantly, the DRESo, what action should you take?Come to the CMA slideshow by Steve Leidner was hilarious.If you wereclarified that consumer loan is for personal, familySeminar in Las Vegas.There will be informative there you might have even learned some Yiddish!and household purposes.They also dropped alltopics to help you prepare for the shifting real estate Topping it off with great networking and goodcharges against Denniss client. We are now backmarket, embrace IT solutions for your business and friends made for a worthwhile trip to San Diego. to the years-long understanding that businesskeep up on Legal and Legislative issues.Members purpose loans are exempt from 4970.Needless tocan attend the Pool Managers Group and the It is great to be among friends and try to makesay, the best practice is to carefully document theConstruction Focus group, or the DRE Brokers sense of the world around us.From tweets tobusiness purpose. roundtable.And be sure not to miss a great keynote tariffs to recession warnings the news has beenspeaker John Wolske, former Culture Evangelist unsettling.As of this writing the yield curve isOn behalf of the entire Board and CMA membership,for Zappos discussing the Customer Experience! inverted, the stock market has been very choppy andI would like to thank Dennis Doss for his steady hand tariffs have been on and off again.The real estatein moving the DRE off their provocative stance.II look forward to seeing you in Las Vegas, where market has been uneven with some bright spotswould also like to thank, CMA General Counselyou can really roll the dice!(decreasing interest rates) and some dark cloudsRobert Finlay and Leslie G. Baird from Wright, Finlay (high-end prices softening, rent control initiatives& Zak for all their help with the Dennis suit, meeting and over-zealous regulators).The consensus amongwith the DRE and collaborating with the Mikes on Page 2Fall 2019Points of Interest'