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January 11, 2008
Proposed California Law Monitors Loss Mit Efforts
A California lawmaker has proposed legislation, that if passed, would require lenders in the state to publicly report their internal loss mitigation efforts. The purpose of the bill is to expand upon President Bush's push for lender involvement in loss mitigation efforts nationwide by ensuring lenders are actively working with distressed borrowers.
The proposed law—Assembly Bill 69—would require lenders to send a report of their home retention efforts to the Department of Corporations each month, while the Department of Financial Institutions would receive reports from state licensed banks and credit unions.
Posted by S. Germain at January 11, 2008 08:24 AM