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With resources provided through the Homeowner Assistance Fund, the $1 billion plan will help cover homeowners’ past-due payments and comes after New York unveiled a similar assistance package earlier this month.
December 21 -
The ballot measure, which would allow local jurisdictions to expand rent control, had concerned mortgage companies who worried the law would result in a patchwork of different policies that could complicate underwriting and discourage lending.
November 4 -
The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.
August 31 -
The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur.
August 28 -
A proposal to expand consumer protections in the state was added to a budget bill after being dropped in June. Financial institutions say the measure conflicts with federal law and are working behind the scenes to stop it.
August 14 -
As COVID-19 infections increase across the country, including in California, Citigroup has structured a residential mortgage-backed securities offering fit for the times, providing investors with a strong deal structure and robust collateral.
June 25 -
A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.
June 11 -
One criticism of the CARES Act is that it provides relief only to borrowers with government-backed loans. Bills in New York and California would cover the remaining 30% of homeowners.
June 4 -
A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit.
May 21 -
In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.
January 15