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The year’s last big mortgage foreclosure-prevention bill is on life support and its author is racing to revive it before the California Legislature recesses Tuesday night.
The measure by Sen. Mark Leno (D-San Francisco) fell 14 votes short of the 41 needed to pass the Assembly after a coalition of banks, securities firms, home builders and business associations fielded squads of lobbyists to work against the bill, SB 1275. The bankers argue that the bill, if it becomes law, would make the foreclosure process overly complex and litigious.
“They put a lot of fear into people, and they abstained from voting,” said Leno, who is hoping to change the minds of Democratic members over the next few days. “We’re not through with this.”
Read more from the LA Times
