Compromises in the California Homeowner Bill of Rights
During the course of negotiations, the Joint Conference Committee on Mortgage Foreclosures has substantially narrowed the scope of the bill and limited the protections to borrowers relative to the version of the bills that were before the Assembly and Senate Banking Committees earlier this year. Specific changes include: Narrower Scope of Coverage: the final bill includes a number of changes which narrow the loans and servicers that are covered by the bill, including Limits covered loans to first liens of owner-occupied, one-to-four unit principal residence mortgages. Previously, coverage...