Just as there are various plans approved or in process at the Federal level, there are a number of foreclosure-related bills currently under discussion in the California state legislature. The main ones of interest are:
1.) SB1137: passed by the state Senate earlier in the year, this would require lenders to contact homeowners earlier than at present in the foreclosure process,give 60 days notice to renting tenantgs in homes likely to be foreclosed upon and require foreclosing lenders maintain the physical condition of homes to avoid blight. In addition to the Senate, it has already passed the Assembly Banking Committee and is scheduled to be heard by the Assembly Appropriations Committee.
2.) AB1830: Passed by the Assembly on May 29, this bill would tighten underwriting standards for future sub-prime loans; ban pre-payment penalties and eliminatge 'steering' of borrowers to higher interest rate loans by loan brokers.
3.) AB2740: Sets new rules on how loan servicers deal with homeowners. It is modeled on a similar bill that became law last year in North Carolina.
There are others as well, but these appear at this time to be the most relevant.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment