Calif. Hands Trial Lawyers ‘Nuclear Weapon’ to Use Against Mortgage Industry
The Homeowner Bill of Rights launched in California not only changed hundreds of years of real estate law, it may have turned the West Coast state into a judicial foreclosure state with financial firms on high alert, legal experts claim.
“In California, they just gave trial lawyers a nuclear weapon to use against the industry,” said Bob Jackson, president and attorney at Irvine, Calif.-based Jackson & Associates. Jackson spoke at HousingWire’s REperform Summit, a mortgage servicing conference under way in Dallas.
“The Homeowner Bill of Rights is the most massive change in the last 100 years of real estate law,” he said. “It used to be servicers were in the business of enforcing simple contract law. What the loan servicer did is they enforced the contract, but that is no longer how the game is played.”
The bill of rights, which was legislation designed by California Attorney General Kamala Harris, gave borrowers standing to legally address violations of the new foreclosure legislation.
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I only wish we had an AG with a backbone! Our legislators, court system, police are all so corrupt and Florida is not alone – we are right in there with New Jersey, Pennsylvania, Massachusettes and New York.
Do just one of the things the banks have done and see where you wind up.
That’s awesome! I’d also like to know about the families (me and my small child-just one of millions of families) who had our home stolen from the bank. That could never have been legal! I lost everything to fraud! My house, my sanity! What can I do to get back the money I put into my home, I worked and saved since I was 21 years old. I bought the house stolen by gmac when I was 33 years old. Almost all of my working life savings GONE! And for what? Coruption! Fraud! Lies!
Signed,
Now a renter once an owner.
The banks should consider themselves lucky they only had fairness rules imposed after all the illegalities they perpetrated.