Responding to the Legislature’s approval of the Homeowners’ Bill of Rights today, Assembly Member Mike Feuer (D-Los Angeles) issued the following statement:
“Today, the Legislature took a historic step to tackle the foreclosure crisis that continues to devastate families and neighborhoods throughout California. The measures include important consumer protections that will help distressed communities and prevent families from needlessly confronting future foreclosures. I am proud to be an author of these measures, and I urge the Governor to sign both bills.”
For the past several months, a bicameral conference committee conducted hearings to examine and write legislation to address problems associated with the foreclosure process.
Last week the committee approved the measures passed today, AB 278 and SB 900, which will keep homeowners in their homes, provide incentives for homeowners and lenders to engage in direct negotiations for loan modification, allow courts to require lenders to take corrective actions before the sale of property, and allow for damages only after the property has been sold. Feuer is a joint author of AB 278 and served as a member of the conference committee that met to craft the bill package.
The bills now await consideration by the Governor.
Assembly Member Feuer’s website: http://www.assembly.ca.gov/a42