California Gov. Arnold Schwarzenegger this week signed California Assembly Bill 260, which will have far reaching effects on banks in the future.
California Assembly Bill 260 provides a ban on negative amortization loans in California. California Assembly Bill 260 takes effect January 1, 2010.
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California Gov. Arnold Schwarzenegger this week signed Senate Bill 94 which bans
loan modification firms from demanding upfront fees this bill will expire on January 1, 2013. This bill is effective immediately.
This law also requires that the
loan modification inform the clients that they can obtain the same services FREE from Government approved Non Profit Mortgage Counselors.
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