California Real Estate Fraud Report

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18
Apr

AG Harris Announces Homeowner Protection Bills That Pass Out of Committees

In a tentative positive step, seven bills proposed by Attorney General Kamala D. Harris to protect homeowners from unscrupulous business practices by lenders have advanced out of their legislative committees.

In summary, the bills seek to protect tenants during the foreclosure process, address the blight caused by vacant, lender-owned properties (REOs) and give the California Office of the Attorney General extended power to investigate and prosecute mortgage fraud and related real estate fraud crimes.

AB 2314 and SB 1472 would provide local jurisdictions with additional tools to fight blight from abandoned homes, including increasing penalties against the owners of blighted properties and, if necessary, taking control of the properties.

AB 2610 and SB 1473 would extend federal law protections of tenants to California. Existing leases must now be honored and tenants must be given 90 days notice by the  new owners before bring eviction actions.

AB 1950 would extend the statute of limitations on mortgage-related crimes, including loan modification scams and the unlicensed sale of real estate and pay for enforcement by charging servicers $25 when they record a Notice of Default (NOD) against a borrower.

AB 1763 and SB 1474 would give the Attorney General’s Office the power to convene a special grand jury to investigate and indict the perpetrators of financial crimes involving victims across (multiple) jurisdictions.

Read the Attorney General’s full press release.

 

© Copyright 2007-2017 Monique Bryher

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The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

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