Gov. Brown Signs ‘Homeowners Bill of Rights’ Into Law (California mortgage lenders)

[No Elephants]

Gov. Brown Signs ‘Homeowners Bill of Rights’ Into Law
July 11, 2012 7:45 PM

LOS ANGELES (KCBS / AP) — California has a new law to stop what Gov. Jerry Brown calls abusive home lending tactics.

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Also known as the “Homeowners Bill of Rights,” it makes the state the first to write into law much of the national mortgage settlement negotiated this year with the nation’s top five banks, and expands it to all lenders.

It prohibits lenders from seizing a home while considering homeowner requests for alternatives to foreclosure. It also lets homeowners take legal action to stop foreclosures and seek monetary damages if a lender violates state law.

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“People who’ve been victimized and who might be victimized in the future are getting protections,” Brown said, adding that the abuses had been rampant in many parts of the country including California.

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Lenders and legislative critics said the law does nothing to address the underlying problem: too many borrowers can’t afford their house payments.

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The attorney general said there are about 700,000 homes in the foreclosure pipeline in California.

http://sanfrancisco.cbslocal.com/2012/07/11/brown-signs-law-targeting-abusive-home-lending/

The AG, Kamala Harris, had a lot to do with this law and also got multi-billion dollar settlement.

IIRC, she turned down $14 billion and later got $18 billion. True, $4 billion doesn't go anywhere near as far as it used to, but it ain't nuttin', either.

Every state needs to do something like this.

[NYC_SKP]

1. k/r n/t

[DainBramaged]

2. Hot shit

[NYC_SKP]

3. Amazing what a good man can do, even in the face of the biggest economic fail in history.

:hi:

[No Elephants]

4. California's Prop 13 doesn't help, either!