Attorney General Edmund Brown Jr. issued a directive forcing foreclosure consultants to register with his office and post a $100,000 bond by July 1st of this year. This is a continuation of his fight against predatory lenders, and an impressive record supports him, including successfully suing Countywide after the “company deceived borrowers by misrepresenting loan terms, loan payment increases, and borrowers’ ability to afford loans” for the amount of $8.6 billion dollars (Oct 2008). Former Countywide Chief Executive Angelo Mozilo was accused of fraud by the Securities and Exchange Commission Thursday (June 4th), CNN reports.
More details and also tips for homeowners dealing with foreclosure can be found here, on his government website.
After addressing the unnecessary complexity of mortgage documents to a room full of hundreds of California Realtors Wednesday (June 3rd), he sums up: “The point is, there are too many damn laws.” Inside Bay Area covered the event.
Attorney General vs. Predatory Lenders
