Assemblymember Mike Feuer: Homeowner Bill of Rights to Help Protect California Communities Burdened with Home Foreclosures


Posted on 03 March 2012

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SACRAMENTO – In this Democratic weekly radio address, Assemblymember Mike Feuer (D-Los Angeles) discusses the Homeowner Bill of Rights, a legislative package recently announced by Attorney General Kamala Harris, Assembly Speaker John A. Pérez (D-Los Angeles) and Senate President pro Tempore Darrell Steinberg (D-Sacramento), which targets the unfair practices performed by banks and lenders that spurred the home foreclosure crisis in California. Feuer, an author of a bill in the package, stresses the importance for those in state government to help tackle the home foreclosure crisis that continues to devastate Californians and hinders the state’s economic recovery. Other authors include Assemblymembers Holly Mitchell (D-Los Angeles), Wilmer Amina Carter (D-Rialto), Nancy Skinner (D-Berkeley) and Mike Davis (D-Los Angeles).

This week’s English address is 2:21.

Here’s the audio link:

http://www.asmdc.org/audio/20120301RadioAddressMortgagesFeuer.MP3

Website of Assemblymember Mike Feuer: http://asmdc.org/members/a42/

Transcript:

Hi, I’m Assembly Member Mike Feuer from Los Angeles.

This week, I joined Attorney General Kamala Harris, Assembly Speaker John A. Pérez, Senate President pro Tempore Darrell Steinberg and other legislators to announce a package of legislation to address the ongoing foreclosure crisis. 

This package, named the Homeowner’s Bill of Rights, will protect homeowners from unfair practices by banks and other lenders and help consumers and communities cope with the burdens that foreclosures create.

Along with Assembly Member Mike Eng, I’ve introduced AB 1602, a bill that would prohibit a practice called “dual tracking,” where a bank forecloses and evicts a homeowner who is in the process of seeking a loan modification.

I’ve also introduced other legislation to alleviate foreclosure-related problems that devastate neighborhoods. 

AB 1599, which I’m jointly authoring with Assembly Member Paul Fong, would require that banks translate foreclosure documents if the borrower doesn’t speak English.

AB 1603, which I’m jointly authoring with Assembly Member Eng, would restrict the imposition of force placed insurance by mortgage loan servicers.  Currently, loan servicers can require this insurance for properties – sometimes from their companies’ subsidiaries at an inflated price--and add it to the mortgage bill.

I’ll also be introducing legislation to combat neighborhood blight caused by foreclosed homes, which drives down nearby property values and increases criminal activity.  This bill would allow the owner of a residential property to require that neighboring, vacant foreclosed residential property be maintained.

We in state government must take strong steps to tackle a foreclosure crisis that continues to devastate families and neighborhoods throughout California, and hinders our economic recovery.  The Homeowner’s Bill of Rights, and my other bills to combat foreclosure problems, will address the needs of California homeowners who desperately need our help.

This is Assembly Member Mike Feuer from Los Angeles. Thanks for listening.

Wait a minute here !........

This legislation does not sound like a Homeowner bill of right product. This legislation assumed that the foreclosures were the results of homeowners as a whole. The foreclosure crisis was brought on by irresponsible government that failed to regulate a bank that exploited unsuspecting mortgage borrowers by greedy loan brokers in the name of origination fees and other excessive mortgage fees to be had by brokers and their loan processors, investors at all level in the industries. It is the driving force that insentiviced the run-a-muk scheme to sell a sub-prime mortgage loan.

WE expected our government to police and regulate this industry and protect all our national infrastructure (including our economic and banking system infrastructures).

This legislature is an insult to the millions of responsible homeowners that got swindled by the crooks and a governments that continue to allow them to get away with it.

WE already know our rights. That is called CIVIL RIGHTS. Our Constitution guarantees every citizen to justice. WE HAVEN"T SEEN ANY JUSTICES TO THE CRIMES COMMITTED to LARGEST NUMBER OF VICTIMS IN THE WORLD by FEWEST NUMBER OF ORGANIZED CRIMINALS IN THE PUBLIC AND PRIVATE INDUSTRY.

You are NOW going to take a "bill of rights" and "SELL" this product to the highest bidder?

OUR ANCESTERS fought and died and paid with their blood sweat and tears for this Constitutional RIGHTS so that we (the people) are protected.

This will be just ANOTHER MEANS for our government to generate more taxes, fines and penalties to collect from the law breakers in order to fund an inefficient government practices. It is time for our government stand up and enforce the LAWS that are already in place. The PEOPLE should demand our politicians to enforce the LAW and hold them accountable for not going after the CROOKS that is running away. People should be ASKING ( I mean telling) our REPRESENTATIVE to get up and go after the CROOKS that got away with our HOME EQUITIES (WEALTH)and demand them to pay it back OR WE Will put them out of their OFFICE if the JOB IS TOO BIG for them to put a HANDLE on it.

Is this another "after the fact." a hit and run legislation.

It does not prevent this problem, solve our problem nor does it deter the wrongdoer from comitting this crime from happening again.

While everyone is focusing on this problem, another "trick" is being delivered in the Capitol trail--by a run-a-muck legislature: "TORT REFORM"

Tort reform is another assault on consumer protection. So HOW will the $25 billion settlement with the banksters be use to help the affected public in this foreclosure crisis?

"AB 1602, a bill that would prohibit a practice called “dual tracking,” where a bank forecloses and evicts a homeowner who is in the process of seeking a loan modification."

----If I recall correctly, what is unlawful is "robo-signer" that led to an illegal foreclosure practices by the banksters, attorneys, and foreclosure court-system that created the so called "foreclosure crisis".----

"AB 1599, which I’m jointly authoring with Assembly Member Paul Fong, would require that banks translate foreclosure documents if the borrower doesn’t speak English."

-----Now how could a borrower even get into a "binding" loan agreement when it didn't speak english in the first place? How does a non-english speaking consumer get protected from a predatory lender? Is the Legislature's answer is "AB 1599".----

"AB 1603, which I’m jointly authoring with Assembly Member Eng, would restrict the imposition of force placed insurance by mortgage loan servicers. Currently, loan servicers can require this insurance for properties – sometimes from their companies’ subsidiaries at an inflated price--and add it to the mortgage bill."

-----Mortgage Loan Servicers duty only services the mortgage for the Loan originator and for the most part are a separate company by the banks to "collect" mortgage payments from the borrowers. Principal Mortgage Insurances (PMI)maybe required for a particular sub-prime loan that don't meet the standard credit rating with 20% down payment or LTV. Since when did the Mortgage Servicing company went into a business of providing mortgage insurances? How is this suppose to enhance the "rights' of homeowners? Any properties that had a PMI has protected the principal amount due on the loan; but did not protect the protect "under-water mortgage borrowers' downpayment and protect homeowner's from the loss of equities caused by the reckless and greedy practices of white-collar criminals in the industry and the politicians that they bought.----

HOW MUCH MORE WILL THIS COST THE PUBLIC AS A WHOLE, IF WE EVEN ATTEMPT TO GET THIS TO GOVERNOR BROWN?