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California approves homeowner mortgage law

Posted on 03 July 2012

Lawmakers in California have approved new protections for homeowners facing foreclosure and abusive bank practices. They passed a law to stop foreclosures during mortgage renegotiations, with a ban on “robo-signing” - the bulk-approval of foreclosures.
The deal includes much of a $25bn federal settlement with five banks, and would the first state law of its kind. The bill, opposed by many banks, has been sent to California Governor Jerry Brown to be signed into law………………………………………..Full Article: Source


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