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California Legislative Committee Approves Foreclosure Bills

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(Sacramento, CA)
Wednesday, June 27, 2012

The identical Senate and Assembly bills are modeled after a national housing settlement.  The measures would prevent banks from continuing the foreclosure process while a lender is trying to modify a loan. Democratic Senator Ron Calderon is on the committee that approved the bills, and says it's an important compromise with the banks:

Calderon: "I think that this provides enough protection for the homeowner and at the same time sends a message to the banking industry that we want them to continue to loan money."

Republican Assemblyman Donald Wagner is also on the committee, but voted no.  He says the measures may upset the real estate market just as it's starting to recover:

Wagner: "That's going to result in these assets sitting on banks' books longer, sitting in our communities perhaps unoccupied longer  It's going to allow more people opportunity to strategically default."

The full legislature is expected to vote on the bills early next week. 

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