Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Gov. signs Calif. homeowner bill of rights
LOS ANGELES (7/13/12)--California Gov. Jerry Brown Wednesday signed the "Homeowner Bill of Rights" into law in Los Angeles. The bill will go into effect Jan. 1. Credit unions will be impacted by the legislation, which is the first of its kind in the U.S.

Proponents say it will protect homeowners who are involved in loan modification and foreclosure processes (Pasadena Star-News July 12). The major provisions of the bill seek to alleviate common problems people encounter when trying to retain their homes.

The bill prohibits "dual tracking" foreclosures, in which one bank department says it will help a struggling homeowner while another proceeds with the foreclosure process. It also requires that all loan documents must be verified, and asks lenders to provide a single point of contact for borrowers who want to discuss their loans and to keep them informed, the newspaper said.

"Credit unions understand that the intention of mortgage reform legislation is to help distressed borrowers who were negatively impacted by a devastating recession," the California Credit Union League said in a statement sent to News Now last week (July 6). "We share the same concern, but we also believe these reforms were proposed to address the practices of other lenders.

"We maintain strict underwriting standards, and are wary of additional burdens that would impede our ability to help struggling Californians emerge from a lingering economic downturn," the league added. "Our primary focus is to continue working with members to keep them in their homes."


RSS





print
News Now LiveWire
.@TransUnion: #millennials climbing into driver's seat with loans http://t.co/S4H9OIB3Av
59 minutes ago
Breaking at #NewsNow: @CUNA backed bill introduced by @RepEdRoyce @GregoryMeeks would raise MBL cap. #CUSmallBiz http://t.co/ZDAb2UMoQz
2 hours ago
Loan growth at federally insured #creditunions in 2014 climbed to highest level since 2005, @TheNCUA reported today. Watch News Now Tues.
2 hours ago
.@Bankrate's top #creditunion survey hits @TIME http://t.co/xcMer497TN
3 hours ago
.@fileneresearch IDs 5 challenges for #women in #creditunion leadership http://t.co/GAYbw2dcCl
4 hours ago