U.S. home loan regulator opposes California foreclosure bills

A pair of controversial bills in the California Legislature that would give homeowners more rights to fight foreclosures is being opposed by the nation’s principal home loan regulator. The Federal Housing Finance Agency on Tuesday expressed that criticism in a letter to a six-person legislative conference committee. The first bill would prevent borrowers from being foreclosed on when they have applied for a loan modification. The second proposal would guarantee that borrowers have a single point of contact when dealing with a mortgage service company. The Housing Finance Agency doesn’t like the measures, saying they could unduly delay the foreclosure process and add to overall lending costs.

–  LA Times


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