Sacramento, CA–The Senate Banking and Financial Institutions Committee, chaired by Senator Lou Correa (D-Santa Ana), will convene an informational hearing to review the successes and failures of the Homeowners Bill of Rights, a package of legislation enacted last year to help aid borrowers in their interactions with their mortgage loan servicers.
WHEN: Tuesday, October 1st, at 9AM
WHERE: Rancho Santiago Community College District Board Room (Room 107), 2323 North Broadway, Santa Ana, California 92706
Invited witnesses will explore the impacts of the Homeowners Bill of Rights on borrowers, lenders, and the California economy.
Topics that will be discussed during the hearing:
- Are borrowers still facing challenges when they try to negotiate loan modifications with their servicers?
- Are servicers still foreclosing on borrowers with whom they are actively engaged in loan modification discussions?
- Is the Homeowner Bill of Rights preventing foreclosures, or just delaying them?
- Who is benefiting from the recent growth in home values?
Those questions, and others, will be addressed by representatives from the California Attorney General’s Office, California Association of Realtors, data analytics firm Property Radar, housing counseling experts, borrower advocates, mortgage servicers, and others.
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