Reverse Mortgage Loan Blog

Governor Schwarzenegger stopped at ground zero for the Valley’s foreclosure crisis. He signed eight bills in Merced Monday morning, hoping to help reduce the number of foreclosures statewide.

Merced County has one of the worst foreclosure rates in the country.

Governor Schwarzenegger said, “Fraudulent mortgage practices have become more prevalent as a result of the national foreclosure crisis that negatively impacted California’s housing market and economy,” This legislation helps crack down on abusive lending practices by giving law enforcement the tools to effectively investigate mortgage fraud crimes and provides Californians with greater consumer protections to promote homeownership in a safe and accountable environment.”

The bills are aimed at strengthening California’s reverse mortgage laws by providing senior homeowners with greater consumer protections when considering reverse mortgage agreements, make it a felony to commit fraud in connection with a mortgage application and promote responsibility and accountability in the real estate market.

Found here.

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