Mediation Proposal Comes to California

California’s Assembly Speaker Karen Bass has proposed a mediation program for foreclosures for the State of California. As UTA’s California lobbyist Mike Belote explains, “Two days before the close of the legislative session on September 11, powerful California legislators introduced AB 1588 which could be the most important foreclosure bill yet. As introduced, AB 1588 creates the “Monitored Loan Workout Program”. In this context, the word “monitored” is misleading: what the bill actually proposes is nothing less than binding arbitration of loans prior to foreclosure.”

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