Vote set on writing foreclosure settlement into Calif law

2 Jul

 

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

  1. Jay July 2, 2012 at 9:23 am #

    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?

  2. Yeah July 2, 2012 at 1:24 pm #

    A cover up to hide laws already on the books.

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  1. Vote set on writing foreclosure settlement into Calif law … | House Foreclosure Help - July 2, 2012

    […] …. The Foreclosure Fraud in America in a Nutshell … … See the original post: Vote set on writing foreclosure settlement into Calif law … ← Retirees Buying Trouble When They Buy Foreclosure « Livinglies's … Avoid a […]

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