NEWS FLASH
Banks Fight New Foreclosure Regulations In States Across The Country | Twenty-five states are currently considering legislation that would make changes to foreclosure law, but they are running up against opposition from familiar foes: the banking and mortgage industries. California, a state with “bank-friendly mortgage regulations,” could pass new laws backed by Attorney General Kamala Harris (D) today, and New York is considering criminalizing the forgery of foreclosure documents. Others are seeking to simplify the loan modification process and to give borrowers the right to sue banks. Banks, many of which pushed predatory, fraudulent, or discriminatory loans in the run-up to the foreclosure crisis, are predictably opposing the new laws, saying “every single penny” of the cost of new laws “will be borne by tomorrow’s borrowers,” the Wall Street Journal reports.
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