San Jose Mercury News (CA) (01/31/08); Geissinger, Steve
A proposal designed to protect mortgage borrowers in California failed to win the two-thirds support necessary in the state Senate, falling short by just one vote. Sponsored by state Sen. Don Perata, D-Oakland, SB 926 would have compelled lenders to give customers more notice of a potential increase in borrowing costs, to discuss loan modification options with homeowners and to give owners more time to relocate out of a foreclosed property. The California Bankers Association and the California Mortgage Bankers Association were among those opposing the measure, which also would have penalized lenders $1,000 per day for failing to maintain foreclosed homes. Republican lawmakers agreed with the groups that the legislation could burden the lending industry.
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