AB 2425 (Mitchell; D-Los Angeles)/ SB 1471 (DeSaulnier; D-Concord) Impedes Economic Recovery
Delays the economic recovery of California’s housing market by allowing borrowers, including strategic defaulters and investors, to interrupt the foreclosure process to forestall legitimate foreclosures. AB 2425 in Assembly Banking and Finance. SB 1471 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.