California lawmakers earlier this month passed a series of foreclosure reforms known as the “Homeowners’ Bill of Rights” that are meant to protect borrowers from wrongful foreclosures. Gov. Jerry Brown (D) signed the legislation into law Wednesday, giving California homeowners “some of the nation’s strongest protections from foreclosure and aggressive bank practices.” Under the law, banks are prohibited from practices like robo-signing, which led to the approval of fraudulent documents, and dual-tracking, a predatory practice that sent borrowers into foreclosure even as they pursued loan modifications. The law also makes it easier for borrowers to deal with their banks and gives them the right to sue banks if the new laws are violated.
California Governor Signs Homeowners’ Bill Of Rights Into Law