Without a bailout 150,000 CA homes could be foreclosed in the next 12 months

As we have stated in the private property rights debates, home ownership is the cornerstone of the American dream. Ten years ago I listened as Ronzel Cato lost his Fresno home that was taken by their redevelopment agency. Now we have another reason to fear loss of our homes. Foreclosures.

You cannot appreciate tragedy until it hits close to home. We have a family friend who just lost their Ladera Ranch home that they purchased just a few short years ago. Not knowing the background or his circumstances I cannot, and will not, point fingers as to how and why this happened.

In (D) Senator Don Peralta’s SAC Press Conference yesterday we heard one speaker report that we could see 150,000 foreclosures in CA in the next 12 months.

Assembly Speaker Bass and Senator Peralta were taking questions from the press relating to SB 1137 that was approved in the Senate by a vote of 32-8. It passed in the Assembly by a closer margin of 55-18.

SB 1137 “would reform the foreclosure process in California.”(Frank Russo).

They were unable to answer one of the reporters questions relating to property maintenance. This is due to the fact that mortgages can be “bundled” by the lender which creates a tracking challenge. The person who “owns the paper” could be a sheik in Dubai.
The next step in the approval cycle is for the Governor to sign off.

Gilbert Note: Amazing. This legislation is to prevent “blight” in the neighborhoods. And I thought my discussions of “blight” would take a brief vacation after the June election.

Update: The seven Republican Senators who voted in support of the Bill were:

Ashburn, Cox, Denham, Dutton, Harman, Maldonado and Wyland.

For additional information on this story simply click on the following link.

http://www.californiaprogressreport.com/2008/07/california_fore.html

Juice readers. Have any of you, or your friends and family members become a victim of a foreclosure?

What’s your thought’s about the proposed CA bailout?


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