California’s Homeowner Bill of Rights compels banks to foreclose through courts and take more time to complete.
The housing bubble and bust exposed many flaws in our property finance system. The Dodd-Frank reform corrected many of these problems, and I believe the new mortgage regulations will prevent future housing bubbles. It's rare, but occasionally legislators and regulators get it right. The California Homeowner Bill of Rights was not one of those occasions. The California Homeowner Bill of Rights supposedly corrects flaws in the foreclosure processing system exposed by the millions of California borrowers who quit paying their mortgages. Apparently, adhering to the terms of the promissory note and mortgage agreement, as has been customary for hundreds of years, somehow violated the rights of the millions of California borrowers who quit paying[READ MORE]