Over three dozen bills remain alive for potential signature by Governor Brown during September, after adjournment of the 2013-14 legislative session on August 31. A full report on the governor's actions will be given at the upcoming UTA conference.
Several bill draft requests are in process as the 2015 legislatives season approaches; summary of some bill drafts that could come to fruition next year.
Lawmakers in Seattle had been considering allowing the City to seize underwater mortgages under principles of eminent domain, similarly to actions proposed in some California cities, but the idea was rejected in favor of the Seattle Homeowner Stabilization Program proposal.
CFPB has issued an interpretive rule to clarify that when a borrower dies, the name of the borrower’s heir generally may be added to the mortgage without triggering the Bureau’s Ability-to-Repay rule.
The 2014 Utah legislative session resulted in five bills of interest to the default mortgage industry. Two of the bills, Senate Bill 20 and Senate Bill 130, have a direct impact on default mortgage servicers.
The five-year saga of changes to Michigan’s foreclosure by advertisement statute may be finally ending. As this update is being written, enrolled house bill 5277 is sitting on Governor Synder’s desk awaiting his signature. Read more
Becoming higher profile has benefited trustees, as people are more aware of the profession, your professionalism, and the complexities of changing the laws repeatedly year-after-year. With this higher profile, however, comes some rocks and arrows...
Just as foreclosures move from a series of deadlines to deadlines, so also the legislative process has a distinctive rhythm. In general, the legislative session progresses from slow, largely ceremonial meetings early in the year, to absolutely manic hearings in the spring, to a big finish in late summer.