Wall of Fame Winner – California Attorney General Kamala Harris Announced Homeowners Bill of Rights Legislation
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California Attorney General’s Page Announced Homeowners
Bill of Rights
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On February 29th, 2012, California’s Most Beautiful Attorney General, Kamala D. Harris – has announced the California Homeowner Bill of Rights. The bill has been designed to PROTECT homeowners from potentially irregular, fraudulent, illegal and simply unsafe mortgage companies and practices and help communities cope with the state’s urgent mortgage and foreclosure crisis.
Joined by Senate President pro Tem Darrell Steinberg and Assembly Speaker John A. Pérez, Attorney General Harris announced her sponsorship of six bills designed to guarantee: – Basic standards of fairness in the mortgage process, including an end to dual-track foreclosures – Transparency in the mortgage process, including a single point of contact for homeowners – Community tools to prevent blight after banks foreclose upon homes – Tenant protections after foreclosures – Enhanced law enforcement to defend homeowner rights – paid for by fees imposed on banks – A special grand jury to investigate financial and foreclosure crime.
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“California communities and families are being devastated by the mortgage and foreclosure crisis. We must ensure the deceptive practices that caused it never happen again,” said Attorney General Harris. “The California Homeowner Bill of Rights will provide basic fairness and transparency for homeowners, and improve the mortgage process for everyone.”
The legislation builds on the California commitment announced by Attorney General Harris earlier this month, which is expected to result in $18 billion of benefits for California homeowners. That agreement included reforms for mortgages owned by the five banks that were signing parties. The California Homeowner Bill of Rights will strengthen those protections, make them permanent, and apply them to all mortgages in the state.
“When I secured the California commitment, I made clear it was only one of many steps I am taking to comprehensively address the mortgage and foreclosure crisis,” Attorney General Harris continued. “I want to thank Senate President pro Tem Steinberg, Assembly Speaker Pérez and all the other lawmakers who are supporting this urgent package of legislation for homeowners.”
“I want to congratulate the Attorney General on the victory she won on behalf of the people of California,” said Speaker John A. Pérez. “Our state has suffered greatly as the result of bad actors in the banking and financial industries, and this settlement holds them accountable as we continue the difficult work of recovering the housing market and stemming the tide of foreclosures, evictions and auctions.”
“Millions of Californians have already lost their homes to foreclosure and the mortgage crisis is far from over,” said Senate President pro Tem Darrell Steinberg. “This landmark settlement negotiated by Attorney General Harris helps thousands of Californians but thousands more need the same help. We need to put these protections into law so that more people can save their homes.”
CALIFORNIA HOMEOWNER BILL OF RIGHTS LEGISLATIVE PACKAGE
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If passed, the following bills would:
ASSEMBLY BILL 1602 / SENATE BILL 1470- THE FORECLOSURE REDUCTION ACT OF 2012
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Authors: Assemblymen Mike Eng and Mike Feuer; Senators Mark Leno, Fran Pavley, and Senate President pro Tem Darrell Steinberg -Require creditors to provide documentation to a borrower that establishes the creditor’s right to foreclose on real property prior to recording a notice of default. -Require creditors to provide documentary evidence of ownership, the chain of title to real property, and the right to foreclose, at the time of the filing of a notice of default. -Prohibit creditors from recording a notice of default when a timely-filed application for a loan modification or other loss mitigation measure is pending. -Prohibit creditors from recording a notice of sale when a timely-filed application for a loan modification or other loss mitigation measure is pending. -Prohibit creditors from recording a notice of sale while a borrower is in compliance with the terms of a trial loan modification or after another loss mitigation measure has been approved. -Require creditors to disclose why an application for a loan modification or other loss mitigation measure has been denied. -Require that notices of foreclosure sales be personally served, including notices of foreclosure sale postponement. -Provide homeowners with a private right of action in instances in which the requirements set forth in the legislation are not followed.
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ASSEMBLY BILL 2425 / SENATE BILL 1471 – DUE PROCESS REFORM LEGISLATION
Authors: Assemblywoman Holly Mitchell; Senators Mark DeSaulnier and Fran Pavley -Require creditors to provide a single point of contact to borrowers in the foreclosure process who will be responsible for providing accurate account and other information related to the foreclosure process and loss mitigation efforts. -Require creditors to provide a dedicated electronic mail address, facsimile number and mailing address for borrowers to submit information requested as part of a loan modification, short sale or other loss mitigation option. -Authorize borrowers to challenge the unlawful commencement of a foreclosure process in court. -Impose a $10,000 civil penalty on the recordation or filing of “robosigned” documents, defined as documents that contain information that was not verified for accuracy by the person or persons signing or swearing to the accuracy of the document or statement. -Require that certain documents be recorded in a county recorder’s office.
ASSEMBLY BILL 2314 / SENATE BILL 1472 – BLIGHT PREVENTION LEGISLATION
Authors: Assemblywoman Wilmer Carter; Senator Fran Pavley -Prevent blight enforcement actions from being taken against new purchasers of blighted property for 60 days, provided that repairs are being made to the property. -Require banks that release liens on foreclosed property to inform local code enforcement agencies of the release so that demolition of blighted property can proceed. -Increase fines against owners of blighted property from $1,000 per day to $5,000 per day, and allow the imposition of the costs of a receivership over blighted property to be imposed directly against the owner of blighted property.
ASSEMBLY BILL 2610/ SENATE BILL 1473 – TENANT PROTECTION LEGISLATIONAuthors: Assemblywoman Nancy Skinner; Senator Loni Hancock -Require purchasers of foreclosed homes to honor the terms of existing leases and give tenants at least 90 days notice before commencing eviction proceedings.
ASSEMBLY BILL 1950 – ENHANCEMENT OF ATTORNEY GENERAL ENFORCEMENT
Author: Assemblyman Mike Davis -Impose a new $25 fee to be paid by servicers upon the recording of a notice of default. The fee would be deposited into a real estate fraud prosecution trust fund that would support the Attorney General’s efforts to deter, investigate and prosecute real estate fraud crimes, including the work of the Mortgage Fraud Strike Force. -Extend the statute of limitations from one year to four years from the date of discovery for violations of law commonly occurring in connection with foreclosure-related scams, including acting as a real-estate agent without a license and charging up-front fees for loan modification services.
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SENATE BILL 1474 / ASSEMBLY BILL 1763 – ATTORNEY GENERAL SPECIAL GRAND JURY
Authors: Assemblyman Mike Davis; Senator Loni Hancock -Authorize the Attorney General to impanel a special grand jury for the purposes of investigating and indicting multi-jurisdictional financial crimes against the state.
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Therefore, does the Piggybankblog Council find California Attorney General Kamala D. Harris Guilty or Not Guilty of being a “Pawn for the banks?”
The Piggybankblog Council find Kamala D. Harris ……………………NOT GUILTY!
California’s Most Loved Attorney General!
Ladies and gentleman of the jury, it gives me great pleasure to announce to you our newest winner of the Hall of Fame, California Attorney General Kamala D. Harris! – click here
The People of California LOVE YOU California Attorney General Kamala D. Harris!
Congratulations Kid! You did it! (Wink)
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On March 1st, 2012, Martin Andelman from Mandelman Matters called me at about 2am to chop it up, such as we usually talk at about that time in the morning because it is the only time where we are not busy. It was not until about two hours later that I said to Martin: “So, did you see California Attorney General Kamala D. Harris’s announcement yesterday?” Martin said that he had not seen it, so he asked me what it was. When I told him he said: “OMG! I would have never thought that Kamala would have ever done this!” Martin went on to say: “John! This is what we were waiting for! We have to get started right now! It is time! It is time! It is time! We have to unite the people of State of California to stand in support of the California Attorney General! We have to get them to put pressure on the legislation to pass this bill because we know that the banks are going to launch every powerful lobbyist they can get to try and shoot down this bill! We need to unite your blog and my blog and everyone’s blog in the State of California to stand in support of this bill. It will stop the banks in their tracks if it is passed!”
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Martin Andelman owes everything he knows to me and Piggybankblog. (tongue-in-cheek)
In conclusion, please join me and Piggybankblog in support of the California Attorney General in getting this legislation passed. Please also feel free to show your support by writing Kamala D. Harris and thanking her for all that she is trying to do to help Californians stay in there homes at: http://oag.ca.gov/contact
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All Rise! The Honorable Judge John Wright has left The Courtroom of Public Opinion!
My name is John Wright AND I STAND IN SUPPORT OF THE CA. ATTORNEY GENERAL!
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Kamala Harris, California Attorney General, Faces Setbacks In Passing ‘Homeowner Bill Of Rights’
Cross linked with huffingtonpost.com
04/18/12
For the nearly two years that Kamala Harris has been California’s Attorney General, she has made the fight against fraudulent foreclosures her signature issue. Now, largely due to pressure from business groups, legislators look like they may soon succeed in tanking her most ambitious plan yet to clean up the state’s mortgage market.
Earlier this year, Harris began pushing for California to pass the “Homeowner Bill of Rights,” a collection of six bills that would make significant changes in the way the state regulates mortgages.
Harris was scheduled to testify before the California Assembly’s Senate Banking and Finance Committee on Monday; however, only moments before she was supposed to appear, both of the bills she was discussing were pulled by the committee chairman, Democrat Mike Eng of Monterey Park.
The sudden change reportedly prompted a chorus of catcalls from the assembled crowd.
The pair of laws Harris was scheduled to discuss aim to increasing protections for mortgage borrowers by prohibiting lenders from foreclosing on a property while simultaneously negotiating a loan modification on that property and also simplifies loan documentation by establishing a single, standardized contract for foreclosures and loan restructuring.
Other provisions in the bundle require banks to provide homeowners with a single point of contact during the loan modification process and levy a $25 fee on banks every time they register a default. Proceeds from the default fee would then go into a pool of money funding mortgage fraud investigations.
As part of the $25 billion settlement between the nation’s five largest mortgage holders and the attorneys general of 49 states, in which Harris was a crucial player, the large institutions that hold nearly 30 percent of all mortgages in the state have already agreed to abide by some of these rules. However, that settlement expires in three years and Harris wants the rules to extend into perpetuity.
The banking industry strongly opposes the measures. The Sacramento Bee reports:
In letters to legislators, the state chamber said the measures amount to a “de facto moratorium on foreclosures” that would actually hurt the real estate market with a confusing new set of laws, squeeze credit for property purchases and trigger a wave of lawsuits.The chamber also contends the bills are in conflict with federal standards and are an “extraordinarily restrictive and draconian” permanent response to temporary industry abuses.
Conversely, the bills have received strong support from civic leaders in San Francisco. “Too many San Franciscans have been devastated by the mortgage crisis and too many families have lost their homes due to deceiving banking practices right here in some of our most vulnerable communities,” said San Francisco Mayor Ed Lee in a statement to the San Francisco Sentinel. “Thousands of foreclosures have happened and are happening in neighborhoods in our cities. I applaud the leadership of Attorney General Kamala Harris for standing up for families and using the powers of her office to protect homeowners from mortgage fraud and abuse.”
Last week, the city’s Board of Supervisors passed a non-binding resolution calling for a moratorium on all foreclosures in the city until additional protections, such as the ones in Harris’s bills, are enacted.
An audit of 400 San Francisco foreclosures conducted by San Francisco Assessor-Record Phil Ting found that 84 percent were either fraudulent or missing crucial documentation.
“This matters because families facing foreclosures are entitled to know exactly who holds their loan and to see for certain that the foreclosure is justified,” Ting wrote in a blog on the Huffington Post. “In one case, our audit showed a foreclosure initiated by a party that had no title to the property–and in a number of other cases, we found two competing claims to the title.”
(Full disclosure: Aaron Sankin was briefly an unpaid intern on Harris’s 2003 campaign for San Francisco District Attorney.)
Check out this video by legendary Sacramento Bee political reporter Dan Walters explaining how powerful business interests in Sacramento have had success blocking bills they don’t like:
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Democrats delay California mortgage overhaul amid business opposition
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Piggybankblog posted on 05/05/12
Cross linked with sacbee.com
By Jon Ortiz jortiz@sacbee.com
Amid raucous boos and hisses from a packed hearing room gallery, an Assembly committee on Monday suddenly pulled two mortgage reform bills sponsored by Attorney General Kamala Harris – just before she was supposed to testify.
The unexpected turn of events in the Democratic-controlled Banking and Finance Committee turned what Harris hoped would be a slam-dunk hearing into a signal that her “Homeowner Bill of Rights” is in trouble.
The banking and mortgage industries strongly oppose the bills, intended to clean up lending and foreclosure industry abuses. The California Chamber of Commerce has put them on its hit list of “job killer” legislation. “We’re concerned about these bills because we believe that they’ll stall economic development in the state,” said Cal Chamber lobbyist Marti Fisher.
The measures pulled by committee Chairman Mike Eng, D-Monterey Park, would apply to California lenders the terms of consumer protectionsrecently accepted by five major banks to settle a high-profile lawsuit by Harris and other state attorneys general.
The $25 billion settlement reached several weeks ago with Ally Financial, Bank of America, Chase, Citi and Wells Fargo expires in three years. Harris’ bills would apply the stricter rules indefinitely to all mortgage companies doing business in California.
One of the measures pulled Monday, Assembly Bill 1602, would give borrowers more legal recourse than they have now. It would also prohibit lenders from foreclosing on a property and negotiating a loan modification on the property at the same time.
“That happens a lot,” said Sacramento bankruptcy attorney Barry Spitzer. “I get people in my office all the time afraid of foreclosure even though they’re working on a loan modification.”
The committee also pulled back Assembly Bill 2425, aimed at tightening loose loan-documentation standards, known as “robo signings.” The bill mandates that mortgage companies establish a single contact for property owners going through a loan restructuring or foreclosure.
“That’s a huge problem,” Spitzer said, because the mortgage industry routinely buys and sells home loans between institutions. “Getting someone on the phone in these cases can be nearly impossible.”
In letters to legislators, the state chamber said the measures amount to a “de facto moratorium on foreclosures” that would actually hurt the real estate market with a confusing new set of laws, squeeze credit for property purchases and trigger a wave of lawsuits.
The chamber also contends the bills are in conflict with federal standards and are an “extraordinarily restrictive and draconian” permanent response to temporary industry abuses.
During the pre-hearing news conference, Harris defended the measures as common-sense legislation while a few dozen people stood behind her wearing yellow T-shirts with “Alliance of Californians for Community Empowerment” printed in black letters.
According to its website, the nonprofit group is devoted to “building power in low to moderate income neighborhoods to stand and fight for social, economic, and racial justice.”
Many members of the group had come from the Bay Area to speak at the hearing, and booed and shouted at Eng for closing testimony, then wildly applauded when Harris began to speak.
“Excuse me, we don’t allow applause here,” Eng said.
Harris spoke for about four minutes, then retreated into a meeting and wasn’t available for questions. That fell to spokeswoman Lynda Gledhill.
Why did the bills get pulled? Weren’t there enough votes? What about two pieces of mirroring legislation in the Senate due for a hearing on Wednesday?
“Right now we’re working with the (Assembly) speaker’s office and the (Senate president) pro tem’s office,” Gledhill said, “to determine our next step.
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Video Broadcast
3 Comments
Let’s hope this catches on in other states
See John, I told you she was doing her job! You maligned her when she was looking out for the people of California. I’m glas to see your version of an “apology”.
Well I do not know if it was meant as an apology. (lol) let’s not forget that her office drew first blood, after I caught a fake blogger coming on my blog from her office posing as a victim, but just to influence my supporters to think I told people to go to Stein on my blog and suggested that I was responsible for them being victims. This of course was ludicrous — because I had never told anyone to go to Stein on my blog, even though I did put my attorney in positive light because he was still my attorney at the time fighting the banks. It would only stand to reason why I would support my attorney, but it does not stand to reason why I would tell people to go to Stein, after you consider that I was officially with Brookstone Law Firm — and Stein was just co-lead counsel on my lawsuit at the time.
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Nevertheless, and for the record, I had no intentions of protesting against Madam Attorney General before the fake blogger incident. In fact, I actually had announced on my blog that I was not going to get involved. So I am not sure that I am apologizing for being put in a position of defending myself, but I do regret that it would end up that my attorney would end up being scandalous after that fact, because I was very concerned about how long I could defend an attorney that had just been arrested by the feds. Though Stein is innocent until proven guilty, I will admit that it was enough for me to publically withdraw my support for him. In addition, I cut off all contact with him and his office as a result, because I began to question how responsible it would be for me to continue defending him with such serious allegations, after I realzied that I knew nothing about the allegations.
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So this blog above is not an apology. It is just me being true to my word, as have always said that I would turn her into a hero on my blog, if she would do something that held the banks accountable in my eyes. Let the record show that she has gone above and beyond doing that in my eyes, and that I am just happy that Madam Attorney General and I can put the past behind us, as we both work together to help one another help the homeowners.
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Thank you for taking the time to share your thoughts Nora. I appreciate that you are following my blog.
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Your friend always,
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My name is John wright AND I SUPPORT CALIFORNIA’S MOST LOVED ATTORNEY GENERAL!
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Respectfully,
John Wright
Piggybankblog.com