California's real estate problems have resulted in a flood of mortgage-related bills that are well- intentioned but ultimately bad for credit unions, said Bob Arnould, California Credit Union League senior vice president of governmental affairs.
"When we have everyone here in Sacramento, we'll communicate the message of how we've been good community players all along, and we continue to be out there as, in some cases, a community's sole lending source," he said of the league's April 14 and 15 Government Relations Rally.
Director of State Government Affairs Melissa Ameluxen said this year's bills go further than last year's comprehensive foreclosure bill, which "went a long way to solve a lot of California's foreclosure problems."
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Proposed bills allow tenants to remain in foreclosed properties longer, levy new fines on lenders who don't properly maintain vacant properties, and prohibits lenders from charging a fee for loan modifications, even if the borrower qualifies for refinancing instead.
"There are a lot of bills trying to get at the bad actors in mortgage lending, but while doing so, they inadvertently pull in credit unions," she said.
Arnould said GRR registration is about 25% down from last year.
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