As one of the hardest-hit states, California has borne the brunt of our national foreclosure crisis. On Wednesday, Governor Jerry Brown, joined by Attorney General Kamala Harris, signed the California Homeowner Bill of Rights into law. The law makes mortgage servicers accountable and gives homeowners the right to sue in state court. No longer will homeowners face the threat from mortgage servicers of losing their homes as they try to negotiate a reasonable mortgage modification. With the single-point-of-contact requirement in the bill, no longer will mortgage servicers have the ability to give homeowners the run-around.
I applaud Governor Brown, Speaker Pérez, and Senator Steinberg for their bold leadership in ensuring victory for homeowners; and I congratulate Attorney General Harris, whose ceaseless efforts to protect Californians against abuses by some in the mortgage servicing industry was instrumental in achieving fair compensation for our state in the multi-state mortgage settlement.