AB 1602 (Eng; D-Monterey Park)/ SB 1470 (Leno; D-San Francisco)/) Impedes Economic Recovery
Delays the recovery of California’s housing market by allowing all borrowers, including strategic defaulters and investors, to abuse the loan modification process to forestall legitimate foreclosures. AB 1602 in Assembly Banking and Finance. SB 1470 in Senate Banking and Financial Institutions. Both bills failed 04/27/12 deadline to move to fiscal committee. Topic is now subject of discussions by a legislative conference committee.