Housing Secretary Backs Homeowner Bill of Rights in Los Angeles

May 2, 2012
Los Angeles Times 
mortgage lending news

According to U.S. Housing Secretary Shaun Donovan, it is important for California lawmakers to pass a Homeowner Bill of Rights to protect consumers and curb foreclosure abuses. While the state is expected to receive the largest portion of the national $25 billion mortgage settlement, Donovan said it is crucial to make reforms to the industry. He said the state could do this by adopting a series of bills by California Attorney General Kamala D. Harris, which would prevent financial institutions from moving forward on a foreclosure while negotiating a loan workout with the borrower and require banks to designate a single point of contact for distressed homeowners. "Because foreclosures and other processes around homeownership are directed by state law, it is critical that a Homeowner Bill of Rights move forward," Donovan stated, the same day that he toured South Los Angeles communities battered by the housing crisis.
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