California's New Law Trading Foreclosure Moratorium for Mortgage Modification - Updated

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The California Foreclosure Prevention Act (the “Act”) was enacted by the state Legislature, and signed by Governor Arnold Schwarzenegger on February 20, 2009. The bill (ABX2 7) was established as Chapter 5 of the 2009-2010 statutes. The Act resulted from Governor Schwarzenegger’s legislative proposal to stem foreclosures in California by incentivizing servicers to offer “comprehensive loan modification programs.” Although limited to California, the Act could serve as a model for similar legislation by other states. We last reported on this bill in November 2008 at: http://www.mofo.com/news/updates/files/14857.html.

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Morrison & Foerster LLP on:

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