California

California is only halfway through the foreclosure crisis, with more than 670,000 California households at risk of foreclosure: Data from CRL's report, Lost Ground, 2011 show that 9.3 percent of all loans originated between 2004 and 2008 – 581,000 – have already resulted in completed foreclosure, but that another 8.9 percent (549,000) were at immediate risk of foreclosure. At the...

During the course of negotiations, the Joint Conference Committee on Mortgage Foreclosures has substantially narrowed the scope of the bill and limited the protections to borrowers relative to the version of the bills that were before the Assembly and Senate Banking Committees earlier this year. Specific changes include: Narrower Scope of Coverage: the final bill includes a number of changes...

California foreclosure statistics show record losses in recent years are likely to continue into the future On average, more than 500 California families have lost their homes every day since 4Q 2007, and the data show few signs of a return to the pre-crisis housing market. California foreclosure activity remains elevated, with more than 30,000 completed foreclosures each quarter, compared...

Attorney General Kamala Harris is sponsoring a package of bills (the Homeowner Bill of Rights) designed to mitigate the foreclosure crisis and provide Californians with greater protections in the foreclosure process.

Press Release Full Pollster's Report A brief poll conducted in November 2010 to guage public opinion of a potential moratorium and other land-use restrictions on paydy lenders in San Jose found that most voters hold an unfavorable view of payday lending; many would like to see stronger restrictions on payday lenders and most believe that the City of San Jose...

This color-coded map of payday stores by household reveals a disturbing pattern. Southern states are among the most targeted for these high-cost, low-dollar loans.

Read the full report (PDF) >> Read the executive summary (PDF) >> California and the United States are in the midst of the worst foreclosure crisis since the Great Depression. Across the country, foreclosures have hit an all-time high, with nearly one in ten homes with a mortgage currently in some stage of foreclosure. In California, nearly one in eight—or...

Three servicers. Three California homeowners. Three avoidable foreclosures. Three Ways SB 1275 Would Help Stop the Foreclosures that can be Stopped Patricia and Manuel Mondoy, Hayward, Calif. Under SB 1275, GMAC would have been required to complete its evaluation of Patricia and Manuel M.'s loan modification before recording a Notice of Default. If GMAC had completed the evaluation process before...

Summary of SB 1275 (As Amended 5-18-10) Section 2923.4: New Notice for Delinquent Borrowers on Foreclosure Process, Rights and Obligations Requires a state agency to create and translate a notice for delinquent borrowers that describes a borrower's rights and obligations, and outlines what to expect in the foreclosure process. (Specific text included in bill). Section 2923.5: Pre-NOD Determination for Loan...

The Problem SB 1275 Addresses Foreclosures Continue at Record Pace: The foreclosure crisis continues to rage in California, with little sign of easing in the near future. Nearly 200,000 foreclosures were completed in California last year, and are on pace to exceed that number in 2010. At the same time, the main federal loan modification program (HAMP) has produced fewer...