Democratic Leader Nancy Pelosi released the following statement after California Governor Jerry Brown, joined by Attorney General Kamala Harris, signed the California Homeowner Bill of Rights into law today in Los Angeles.
"As one of the hardest-hit states, California has borne the brunt of our national foreclosure crisis. From small communities in the central valley to the state's largest cities, the foreclosure crisis has left behind blighted neighborhoods and shattered communities. But with today's action, many California families who in good faith are trying to avoid foreclosure will now have the right to be treated with fairness and dignity by mortgage servicers.
"The California Homeowners' Bill of Rights 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. And 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."