Senator Anthony Cannella (R-Ceres) today issued the following statement regarding the passage of AB 278 and SB 900, which changes mortgage regulations:
“The Central Valley has been the epicenter of the real estate market crash. With so many foreclosures over the past few years, almost every neighborhood has been affected negatively. The Legislature should be doing what is best for those that are currently facing foreclosure. Unfortunately, the legislation that was passed today only worsens the situation.
“The package passed today will make it much harder for the market to rebound. The California Chamber of Commerce said the bills ‘leave several major issues unaddressed and fail to focus remedies on truly injured borrowers.’ I voted against this hastily assembled set of legislation because we need to help the market bounce back, not just prolong the depression.”