CA Mortgage Overview
Our California office focuses on state-level mortgage issues, and in the 2010 legislative session is working primarily on SB 1275, a bill sponsored by Sens. Mark Leno (D-San Francisco) and Darrell Steinberg (D-Sacramento) to improve the loan modification process for California homeowners.
SB 1275 would level the modification playing field by prohibiting loan servicers from initiating foreclosure proceedings without first providing the homeowner—if the homeowner has requested a loan modification—an up or down decision on that request. It would further provide a small remedy to eligible California homeowners who were erroneously foreclosed upon.
Caifornia is one of the nation’s largest and most expensive housing markets, and has been particularly battered by the mortgage and foreclosure crisis. SB 1275 would help prevent foreclosures that can be prevented, and bring fairness, transparency and accountability to the loan modification process.
Quick Links
- Community Foreclosure Mitigation Toolkit
- California's Foreclosure Process and Timelines - Frequently Asked Questions
- Federal Reserve Bank of San Francisco: The Foreclosure Crisis in California
