- Lawmakers passed a series of bills to limit or regulate activity by lenders trying to foreclose on homes in California, which had the highest number of foreclosures in the first half of this year and has one of the shortest foreclosure timelines.
- One provision would require lenders to document for borrowers that they have authority to foreclose before they file any papers. They also could not foreclose and consider modification simultaneously.
- Gov. Jerry Brown issued a statement that said, "The Homeowner Bill of Rights will prevent banks from throwing Californians out of their homes while they are trying, in good faith, to renegotiate their mortgages. This bill establishes important consumer protections that are long overdue, and I commend Attorney General Kamala Harris for her determined pursuit of these changes."
From the article:
Gov. Jerry Brown said he fully supports the new requirements for mortgage servicers under the Homeowner Bill of Rights passed by the California State Legislature on Monday.