Los Angeles Times (12/21/07); Lifsher, Marc
Democrats in California's state Senate plan to introduce bills that would force mortgage lenders and servicers to improve the disclosure of the timing of increased monthly payments for adjustable-rate loans and also require them to meet with borrowers in person to discuss the possibility of restructuring adjustable-rate loans. As part of the effort to help protect borrowers form losing their homes to foreclosure, Senate Democrats also want to force mortgage lenders to provide lists of federal-government-approved counselors to help homeowners navigate the complex legal process. The bills would complement an initiative by Assembly Speaker Fabian Nuñez, D-Los Angeles, and they are similar to proposals announced by Federal Reserve Chairman Ben Bernanke this week. Republicans "look forward to working with Democrats to find responsible solutions to the problem," said spokeswoman Jennifer McDaniel, as long as there are not any restrictions on lending practices that would "close the door to homeownership for some borrowers."
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