Governor Schwarzenegger Appoints Steven Spears To Be Executive Director of CalHFA

SACRAMENTO, Calif.--(Business Wire)--
Gov. Arnold Schwarzenegger announced the appointment of Steven Spears to be
Executive Director of the California Housing Finance Agency (CalHFA). The
appointment is subject to confirmation by the California State Senate.

Mr. Spears has served as acting Executive Director since December 2008, helping
to lead the Agency during the most challenging time for credit and real estate
markets in its 35-year history.

"I am honored to serve the Agency and its employees as we continue our important
efforts to meet the housing needs of California families," Mr. Spears said. "The
Agency has an impressive record of achievement and I am proud to help build on
that achievement."

Before joining CalHFA, Mr. Spears was the Managing Director of The SAER Group, a
division of Kahl-Pownal Companies in Sacramento. From 1995 to 1998, he served as
Deputy State Treasurer for Public Finance for then-State Treasurer Matt Fong
and, from 1991 to 1994, as Legal Counsel to Mr. Fong on the State Board of
Equalization. He also previously worked as a Senior Manager with KPMG Peat
Marwick. Mr. Spears holds a J.D. from the McGeorge School of Law of the
University of the Pacific, a Master`s in Business Administration from the
University of Tennessee - Knoxville, and a Bachelor of Science degree in
Accounting from Southern Adventist University in Tennessee.

This year, CalHFA is marking its 35th year with a record of helping more than
150,000 California families obtain a home of their own with a mortgage they can
afford, as well as financing the construction or preservation of more than
33,000 affordable rental housing units for low and moderate income families,
including those with disabilities and special needs. Over those 35 years, CalHFA
has provided some $18 billion in non-taxpayer funds to promote housing for
Californians.

"Steve has demonstrated outstanding leadership of the Agency and the ability to
look beyond the traditional way of doing business to develop innovations for our
future," said Peter N. Carey, Chairman of the CalHFA Board of Directors. "He has
led the Agency in dealing with the disruption in the credit markets as well as
the important role we have in assisting both CalHFA and non-CalHFA borrowers to
remain in their homes."

For more information and a complete description of CalHFA`s homeownership and
multifamily programs, visit www.calhfa.ca.gov or call toll free 877.9.CalHFA
(877.922.5432).

California Housing Finance Agency
Ken Giebel, 916-323-1921
Fax: 916-322-2345
kgiebel@calhfa.ca.gov
www.calhfa.ca.gov

Copyright Business Wire 2010