The Legislature finds and declares all of the following:
(a) There is a continuing and urgent need to provide affordable mortgage financing to meet the increasingly unfulfilled housing needs of citizens of this state.
(b) The high cost of housing impedes the ability of California employers to compete in the national marketplace for employees.
(c) Affordable housing enhances the quality of life for California residents and provides fuel for the state’s economic engine.
(d) Housing is a critical component of the California economy, both as an income producing sector and a principal factor in economic development.
(e) California’s housing crisis severely impacts families struggling to provide safe, stable homes for their children to grow and learn and the workers who are the backbone of many of the state’s most important industries.
(f) The percentage of Californians able to purchase their own homes continues to decline, even as that percentage climbs for the rest of the nation.
(g) Therefore, this chapter is enacted to make existing financing for residential mortgages more affordable to California’s homebuyers.