Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
California governor signs foreclosure protection law
SACRAMENTO, Calif. (7/14/08)--California Gov. Arnold Schwarzenegger signed Senate Bill 1137 regarding residential mortgage foreclosure procedures into law Tuesday. The legislation applies to loans made from Jan. 1, 2003, to Dec. 31, 2007, secured by owner-occupied residential real property. SB 1137 requires:
* A mortgage lender or servicer to contact a borrower or satisfy due diligence requirements before filing a notice of default for assessing the borrower’s financial situation and exploring options to avoid foreclosure, according to California Department of Financial institutions (DFI); * That when a notice of sale is posted on the property for sale, the lender or servicer must mail a specific notice in English and five specific languages to the resident of a property subject to foreclosure sale; and * The legal owner must maintain vacant residential property purchased at a foreclosure sale or acquired through foreclosure. Fines of up to $1,000 per day for failure to maintain the property can be assessed.


RSS print
News Now LiveWire
#NewsNow: Merrick Bank settles with FDIC for $16.1M due to deceptive practices. http://t.co/O51gyB6eZE
26 minutes ago
.@CUNAMutualGroup to sell its crop-protection business #NewsNow http://t.co/5p09Sneys4
59 minutes ago
#NewsNow: Joint cybersecurity venture aims to ID, share info faster for FIs. http://t.co/1ZIcumFdG2
1 hours ago
SuperValu confirms second data breach via @pymnts http://t.co/vpHVwhL3PV
2 hours ago
68% of businesses unprepared to respond to data breach: Experian/Ponemon #NewsNow #System http://t.co/T6KRtIZEoN
2 hours ago