California’s Attorney General Pushes for Legislation to Help with Foreclosure Problems
Wednesday, February 29, 2012
California Attorney General Kamala Harris is pursuing legislation that would help homeowners in the middle of the mortgage and foreclosure crisis.
California Attorney General Kamala Harris is pursuing legislation that would help homeowners in the middle of the mortgage and foreclosure crisis. Along with Democratic leaders, she announced a package of six bills. Harris said one of the bills would deal with "dual track foreclosures." It would require creditors to prove they have the right to foreclose.
"We're going to require that they provide the homeowner with notice of the various stages of default, sale, so that they, the homeowner will have some understanding of what is happening with the roof over their head," explained Harris.
Another bill would allow the Attorney General to convene a special grand jury to investigate foreclosure crimes.
The California Bankers Association said it is "prepared to be part of the conversation." But it cautioned that a well-intentioned effort to help distressed borrowers may restrict credit access in the future.