California | Gov. Jerry Brown Signs Foreclosure-Prevention Legislation

Brown signs foreclosure-prevention legislation

The foreclosure-prevention bills aim to prevent another big real estate bust like the one that plunged California and the nation into a recession 5 years ago.

SACRAMENTO — Gov. Jerry Brown has completed work on a package of foreclosure-prevention bills aimed at preventing another massive real estate bust like the one that plunged California and the nation into a deep recession five years ago.

The governor on Tuesday signed into law SB 1474 by Sen. Loni Hancock (D-Berkeley), giving the attorney general authority to impanel a statewide grand jury to investigate and issue indictments for alleged financial crimes, including mortgage fraud.

Also signed Tuesday were Assembly Bill 1950 by Assemblyman Mike Davis (D-Los Angeles), which extends from one to three years the legal statute of limitations for prosecuting mortgage-related crimes, and AB 2610 by Assemblywoman Nancy Skinner (D-Berkeley), which provides guarantees to renters that they can stay longer in foreclosed properties purchased by new owners.

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One Response to “California | Gov. Jerry Brown Signs Foreclosure-Prevention Legislation”
  1. bobbi swann says:

    Hey all – how about a big hand for this new student of Fraudclosure For Dummies who posted on the original story site:

    jzemog at 4:33 PM September 26, 2012
    How about a hand to those of us who bought a house within our means and have kept our debt under control and we did not use our home as an ATM machine? Responsible people are getting the short end of the stick.

    Don’t know about you, but this kind of ignorance just bubbles my blood!

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