On July 11, 2012, California Governor Jerry Brown signed into law the “Homeowner’s Bill of Rights,” AB 278/SB 900, marking the first U.S. state to adopt into law the residential mortgage foreclosure reform principles outlined in the February 2012 National Mortgage Servicing Settlement with the nation’s top five mortgage servicers. California Attorney General Kamala Harris, along with leadership in both the Senate and Assembly, sponsored the “Homeowner’s Bill of Rights.” AB 278/SB 900 takes effect January 1, 2013, making changes to nonjudicial foreclosure protocols for first lien residential mortgage loans (consumer purpose, owner-occupied dwellings only).
Legislature Concludes Further Reform Needed to Stem California’s Housing Crisis -
A series of bills was considered in a Legislative Conference Committee and hours of testimony heard on pros and cons of making permanent here in California many of the aspects of the National Mortgage Servicing Settlement. Even the Federal Housing Finance Agency, federal regulator/conservator for Fannie Mae and Freddie Mac weighed in by formal comment letter. The California Legislature came to the conclusion that AB 278/SB 900 was necessary to provide stability to California’s statewide and regional economies due to these findings...
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