Gov. Jerry Brown signs foreclosure-prevention legislation

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Gov. Jerry Brown signs foreclosure-prevention legislation

Gov. Jerry Brown signs foreclosure-prevention legislation

LA TIMES-

Gov. Jerry Brown has completed work on a package of foreclosure-prevention bills aimed at preventing another massive real estate bust like the one that plunged California and the nation into a deep recession five years ago.

The governor on Tuesday signed into law SB 1474 by Sen. Loni Hancock (D-Berkeley), giving the attorney general authority to impanel a statewide grand jury to investigate and issue indictments for alleged financial crimes, including mortgage fraud.

Also signed Tuesday were Assembly Bill 1950 by Assemblyman Mike Davis (D-Los Angeles), which extends from one to three years the legal statute of limitations for prosecuting mortgage-related crimes, and AB 2610 by Assemblywoman Nancy Skinner (D-Berkeley), which provides guarantees to renters that they can stay longer in foreclosed properties purchased by new owners.

[LA TIMES]

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