Modest mortgage reform bill passes CA legislature
Oakland—AB 1830, the California legislature's strongest piece of legislation designed to rein in the abuses in the mortgage market, passed the Senate today with a 21-16 vote. It must go back to the Assembly for concurrence before being sent to the governor. "The California Legislature has approved a bill with important, though limited, reforms this year," said Paul Leonard, director of the California office of the Center for Responsible Lending. "While it doesn't do everything needed to protect consumers going forward, it represents a positive step to help California borrowers and mortgage