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Greg Cowart - Mortgage Broker or Lender at The Securus Group
Greg Cowart - Roseville Loan Guy

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SB 1275 Fails in Assembly Vote

California Assembly Bill: SB 1275, which would have a negative impact on lender/servicers in California, and ultimately mortgage borrowers in the state, failed this morning on a reconsideration vote in the State Assembly.  The bill failed 29-36, and is not expected to be revived.  A number of  organizations, including the California Mortgage Broker’s Association, opposed the bill for the following reasons:

  • Measure is unnecessarily complex and riddled with procedural traps
  • Promotes strategic defaults negatively impacting communities
  • Fails to require tender by borrowers as a symbol of good faith
  • SB 1275 invites litigation through inclusion of TWO private rights of action
  • Inappropriately meddles with pending litigation
  • The measure may be preempted for federally chartered institutions creating an unlevel playing field exacerbated by the recent credit union only carve-out

 For full bill text, click here

To read more about the California Mortgage Brokers Association’s opposition, click here

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