Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

California Assembly Adds Bank Mortgage Settlement Into State Law

If we look at the scoreboard for California homeowners versus the big banks it shows –

Homeowners – 1
Banks – 0

This morning California became the first state to enact laws that filled much of the national mortgage settlement earlier this year. The law expands the beyond the big five Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial to cover all mortgages

The homeowner protection package passed despite heavy opposition from the banks and lending organizations and most Republicans. The package now awaits Governor Jerry Brown’s signature.

The keys points of the legislation:
1-    It requires large lenders to provide a single point of contact for homeowners who want to discuss loan modifications.
2-    It also prohibits lenders from foreclosing while the lenders consider homeowners’ request for alternatives to foreclosure, also known as dual tracking.
3-    The law allows California homeowners to sue lenders to stop foreclosures or seek monetary damages if the lender violates state law.

This law applies to all owner-occupied residences, but not commercial or rental properties.

Some opponents say that the law will lead to frivolous lawsuits against the banks. We’ll see but it will also prevent “frivolous” actions by the banks (such as losing paperwork submitted by homeowners).

This victory for homeowners and advocates will add to the celebrations on Independence Day and beyond.

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

Assembly Adds Bank Mortgage Settlement Into California Law

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1 Comment

Filed under Banks, California, Foreclosure, Loan Modifications, Mortgages

One response to “Assembly Adds Bank Mortgage Settlement Into California Law

  1. Pingback: More Robo-Signing Settlement Money To California | Resource Blog

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