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.