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Foreclosure Relief

Assembly Democrats Ready Foreclosure Relief Package
November 11, 2008

SACRAMENTO - Assembly Speaker Karen Bass (D-Los Angeles), Assembly Banking and Finance Committee Chair Pedro Nava (D-Santa Barbara) and Assemblymember Ted Lieu (D-Torrance), who has been leading the charge to reform the mortgage system,  today discussed plans Assembly Democrats are putting forward to address the home foreclosure crisis in the special legislative session.

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Statement of Speaker Bass on Foreclosure Crisis Plans for Special Legislative Session
November 11, 2008

SACRAMENTO - From the State Capitol today, Assembly Speaker Karen Bass and Assemblymembers Ted Lieu and Pedro Nava discussed plans Assembly Democrats are putting forward to address the home foreclosure crisis in the special legislative session.

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Speaker Bass says the foreclosure crisis has been a major factor in the economic problems and budget deficit California faces.

Speaker Bass says was asked about the Governor’s proposed budget cuts. She said the Budget Committee will review his proposals this Friday in detail but noted that furloughing state workers (one of the Governor’s proposals) could add to the mortgage meltdown.

Speaker Bass says the federal rescue plans should include the states.

Assemblymember Lieu says the Assembly Democrats’ foreclosure relief package will help homeowners, not just the banks.

Assemblymember Lieu says banks and loan servicers have several ways they can modify a loan.

Assemblymember Lieu says taxpayers will NOT pay the bill for foreclosure relief.

Assemblymember Nava says Assembly Democrats will have legislation ready this week.

Assemblymember Nava says the foreclosure legislation must address homeowner occupied and abandoned homes.

 

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