Governor Brown Signs Dual Track & Due Process Legislation
Yesterday, Governor Jerry Brown signed landmark legislation that ends the practice of foreclosing on a home while a loan modification is being considered (“dual track”), reforms bank’s foreclosure practices, and creates a fairer foreclosure process for California’s homeowners. And, importantly, the legislation allows consumers to take banks to court to enforce these rights. This is a major victory for California, and for CRC! The Governor’s signature came after the California State Assembly and Senate both voted last week to pass these bills. None of this would have happened without the tireless work of many California groups—nonprofit housing counselors, public interest lawyers, faith-based groups, organizers, online organizing groups, and consumer and policy groups.
Many of you—our members and allies—were the first people to ring the alarm at these practices and raise your concerns with us. CRC worked hard to organize bank meetings, hold committee calls, publish surveys and reports, and contact the media to spread your message to banks, policymakers, and the public. It took us three years to beat back the bank lobbyists, but this year, we did it. We were able to pass strong legislation that strengthens protections for Californians and creates mechanisms to enforce their rights.
Coming off of these victories, we are excited but we know that there is still more work to be done to protect California’s low income communities and communities of color from the unfair and predatory practices of banks and other financial institutions. Looking ahead, CRC will work to reign in payday lending, promote community reinvestment, advocate for fairly-priced bank accounts, and help communities recover from the financial crisis.
Thank you so much for the work that you do every day in California's communities, and for your part in yesterday's victory!
California Reinvestment Coalition