Vote set on writing foreclosure settlement into Calif law

 

8:44 AM, Jul 2, 2012   |   0  comments
Written by

The Associated Press

 

SACRAMENTO (AP) – California will become the first state to write into law much of the national mortgage settlement negotiated this year with the nation’s top five banks, if state lawmakers approve wide-ranging legislation on Monday.

Majority Democrats say they have the votes to approve the homeowner protection package despite opposition from business and lending organizations.

The legislation would require large lenders to provide a single point of contact for homeowners who want to discuss loan modifications. It would prohibit lenders from foreclosing while they consider alternatives to foreclosures. And it would let California homeowners sue lenders to stop foreclosures or seek monetary damages if the lender violates state law.

The protections would benefit all California homeowners, not just those whose mortgages are with the five banks that signed the national settlement.

The Associated Press

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Author: timothymccandless

I have spent most of my professional life helping people who were being taken advantage of by systems they did not fully understand. As an attorney, I represented consumers against predatory lending practices and worked in elder law protecting seniors from fraud. My family lost $239,145 to identity theft, which became the foundation for my seniorgard.onlime and deepened my commitment to financial education. Since 2008, I have maintained a blog at timothymccandless.wordpress.com providing free financial education. Not behind a paywall. Free, because financial literacy should not cost money. I trade with real money using the exact strategy described in this book. My current positions: Pfizer at $16,480 deployed generating $77,900 per year net. Verizon at $29,260 deployed generating $51,000 per year net. Combined: 293% annualized pace. These are my only active positions. Not cherry-picked.

3 thoughts on “Vote set on writing foreclosure settlement into Calif law”

  1. Pingback: Vote set on writing foreclosure settlement into Calif law … | House Foreclosure Help

  2. Will this settlement get the government or Wells Fargo to discuss eggregious and illegal “equity” loan (predatory lending as the facts were hidden from homeowner) – who was given a loan with a payment twice her disability income, which was always negative amortization and which set me up for foreclosure?

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