We told you a week or so ago about California's new landmark foreclosure relief legislation. Go here to learn about the law's key provisions. This article describes Governor Jerry Brown's approval of the law yesterday. Here's an excerpt:
A major overhaul of foreclosure laws in the Golden State has been signed into law by Gov. Jerry Brown. Last week, California lawmakers passed the legislation that would provide homeowners with some of the nation's strongest protections from foreclosure and aggressive bank practices. For instance, seizing a home while the owner is negotiating to lower mortgage payments will be restricted. At a boisterous signing ceremony in downtown Los Angeles, Brown said that the measures were an important step for an economy still suffering the fallout of the subprime mortgage crisis and housing bust." This is a very important day, to sign a very important bill, to clean up at least part of the mess that has been created by all sorts of people in the mortgage, the banking and servicing business that caused untold suffering to millions of people," Brown said. "People have lost their homes, they have lost their jobs. Families have broken down because of the insensitivity, the greed and the blindness of very powerful people who made millions of dollars personally, and billions of dollars for their respective entities."
While states across the country recognize they must act individually because
1) The heralded Attorney Generals Settlement was a Sham
2)The Comptroller of the Currency despicably threatens the States with legal action fo.r invading its preemption turf protecting the Banks
3) The CFPB , scared of funding cuts, adopts rules for the future to great media applause,while never taking on the Bank's fraudulent conduct and judicial abuse in the here and now
some are still beholden to the powerful local Bank lobbyists, notably Connecticut
Stanley B Scheinman
Posted by: STAN SCHEINMAN | Thursday, July 12, 2012 at 06:50 PM