California bill ending ‘dual track’ foreclosures faces key vote

I found this article in the LA Times today and found it interesting and worthy of sharing.

A proposed law facing a key vote in Sacramento on Wednesday would require lenders in California to make a decision on mortgage modifications for delinquent homeowners before beginning the repossession process, in effect ending “dual track” foreclosures in the state.

Full article – Los Angeles Times

The bill has been endorsed by a slew of consumer advocacy groups including the Center for Responsible Lending. Many of these groups have slammed federal banking regulators, saying they failed to stop unsafe lending during the housing boom and preempted state attempts to rein in predatory lending. It will be interesting to see how the vote turns out.

I’ll keep you posted as I know more,

Cindy

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