Includes all politicians who were in office at any point during the 2011-2012 Legislature.

AB 2425 - An Act to Amend Section 2932.5 Of, to Amend and Repeal Section 2924 Of, and to Add Sections 2920.5, 2923.7, 2924.17, and 2924.18 To, the Civil Code, Relating to Mortgages.

Mortgages and deeds of trust: foreclosure. 2011-2012 Legislature. View bill details
Author(s):
Summary:
(1)Existing law prescribes foreclosure procedures, including, among other things, procedures for recording a notice of default, recording a notice of sale, and conducting a foreclosure sale.

This bill would define a mortgage servicer, and would, commencing July 1, 2013, require a mortgage servicer to establish a single point of contact when a borrower on a residential mortgage or deed… More
(1)Existing law prescribes foreclosure procedures, including, among other things, procedures for recording a notice of default, recording a notice of sale, and conducting a foreclosure sale.

This bill would define a mortgage servicer, and would, commencing July 1, 2013, require a mortgage servicer to establish a single point of contact when a borrower on a residential mortgage or deed of trust is 60 or more days delinquent, has had a notice of default recorded, or is seeking a loan modification or other loss mitigation, as specified. The bill would impose various obligations on the single point of contact in connection with loan modification or other loss mitigation options.

(2)Existing law imposes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust, including, among other things, recording a notice of default.

This bill would prohibit an entity from recording a notice of default or otherwise initiating foreclosure procedures unless the entity is the holder of the beneficial interest under the deed of trust, and would prohibit an entity acting as an agent from doing so without specific direction from the actual owner of the beneficial interest under the deed of trust.

(3)Existing law authorizes the recording by the county recorder of various documents.

This bill would provide that a document that contains factual assertions that are not accurate, are incomplete, or are unsupported by competent, reliable evidence, or a document that has not been reviewed by its signer to substantiate the factual assertions contained in the document is a robosigned document. The bill would provide that any entity that records a robosigned document, or files a robosigned document in a court relative to a foreclosure proceeding is liable for a civil penalty of $10,000 for each robosigned document. The bill would authorize specified governmental entities to enforce the civil penalty, and would authorize the Department of Real Estate, the Department of Corporations, and the Department of Financial Institutions to enforce the civil penalty provisions against their respective licensees.

(4)The bill would authorize a borrower to seek an injunction of a pending trustee’s sale, if a notice of sale has been recorded and the borrower reasonably believes that the mortgagee, trustee, beneficiary, or authorized agent failed to comply with specified requirements. The bill would authorize the greater of actual damages or $10,000 in statutory damages if there is a failure to comply with specified requirements by the mortgagee, trustee, beneficiary, or authorized agent and the property is sold at a foreclosure sale. The bill would authorize the greater of treble damages or $50,000 in statutory damages if the failure to comply is found to be intentional or reckless or resulted from willful misconduct, as specified.

(5)Existing law provides that where the power to sell real property is given to a mortgagee or other encumbrancer, in an instrument intended to secure the payment of money, the power is part of the security and vests with any person who by assignment becomes entitled to payment of the money.

This bill would expand these provisions to include a power to sell real property given to a trustee or a beneficiary of a deed of trust in an instrument intended to secure the payment of money.

(6)The bill would repeal duplicate provisions of law. Hide
 
Status:
The bill has been introduced. 
There have been no votes on this bill.

An Act to Amend Section 2932.5 Of, to Amend and Repeal Section 2924 Of, and to Add Sections 2920.5, 2923.7, 2924.17, and 2924.18 To, the Civil Code, Relating to Mortgages.

AB 2425 — 2011-2012 Legislature

Summary
(1)Existing law prescribes foreclosure procedures, including, among other things, procedures for recording a notice of default, recording a notice of sale, and conducting a foreclosure sale.

This bill would define a mortgage servicer, and would, commencing July 1, 2013, require a mortgage servicer to establish a single point of contact when a borrower on a residential mortgage or deed of trust is 60 or more days delinquent, has had a notice of default recorded, or is seeking a loan modification or other loss mitigation, as specified. The bill would impose various obligations on the single point of contact in connection with loan modification or other loss mitigation options.

(2)Existing law imposes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust, including, among other things, recording a notice of default.

This bill would prohibit an entity from recording a notice of default or otherwise initiating foreclosure procedures unless the entity is the holder of the beneficial interest under the deed of trust, and would prohibit an entity acting as an agent from doing so without specific… More
(1)Existing law prescribes foreclosure procedures, including, among other things, procedures for recording a notice of default, recording a notice of sale, and conducting a foreclosure sale.

This bill would define a mortgage servicer, and would, commencing July 1, 2013, require a mortgage servicer to establish a single point of contact when a borrower on a residential mortgage or deed of trust is 60 or more days delinquent, has had a notice of default recorded, or is seeking a loan modification or other loss mitigation, as specified. The bill would impose various obligations on the single point of contact in connection with loan modification or other loss mitigation options.

(2)Existing law imposes various requirements that must be satisfied prior to exercising a power of sale under a mortgage or deed of trust, including, among other things, recording a notice of default.

This bill would prohibit an entity from recording a notice of default or otherwise initiating foreclosure procedures unless the entity is the holder of the beneficial interest under the deed of trust, and would prohibit an entity acting as an agent from doing so without specific direction from the actual owner of the beneficial interest under the deed of trust.

(3)Existing law authorizes the recording by the county recorder of various documents.

This bill would provide that a document that contains factual assertions that are not accurate, are incomplete, or are unsupported by competent, reliable evidence, or a document that has not been reviewed by its signer to substantiate the factual assertions contained in the document is a robosigned document. The bill would provide that any entity that records a robosigned document, or files a robosigned document in a court relative to a foreclosure proceeding is liable for a civil penalty of $10,000 for each robosigned document. The bill would authorize specified governmental entities to enforce the civil penalty, and would authorize the Department of Real Estate, the Department of Corporations, and the Department of Financial Institutions to enforce the civil penalty provisions against their respective licensees.

(4)The bill would authorize a borrower to seek an injunction of a pending trustee’s sale, if a notice of sale has been recorded and the borrower reasonably believes that the mortgagee, trustee, beneficiary, or authorized agent failed to comply with specified requirements. The bill would authorize the greater of actual damages or $10,000 in statutory damages if there is a failure to comply with specified requirements by the mortgagee, trustee, beneficiary, or authorized agent and the property is sold at a foreclosure sale. The bill would authorize the greater of treble damages or $50,000 in statutory damages if the failure to comply is found to be intentional or reckless or resulted from willful misconduct, as specified.

(5)Existing law provides that where the power to sell real property is given to a mortgagee or other encumbrancer, in an instrument intended to secure the payment of money, the power is part of the security and vests with any person who by assignment becomes entitled to payment of the money.

This bill would expand these provisions to include a power to sell real property given to a trustee or a beneficiary of a deed of trust in an instrument intended to secure the payment of money.

(6)The bill would repeal duplicate provisions of law. Hide
Learn More
At LegInfo.ca.gov
Title
An Act to Amend Section 2932.5 Of, to Amend and Repeal Section 2924 Of, and to Add Sections 2920.5, 2923.7, 2924.17, and 2924.18 To, the Civil Code, Relating to Mortgages.
Author(s)
Holly Mitchell
Co-Authors
Subjects
  • Mortgages and deeds of trust: foreclosure
Major Actions
Introduced2/24/2012
Referred to Committee
Bill History

There have been no votes on this bill.

ActionDateDescription
Introduced2/24/2012
2/24/2012Introduced. To print.
2/26/2012From printer. May be heard in committee March 27.
2/27/2012Read first time.
3/29/2012Referred to Coms. on B. & F. and JUD.
4/09/2012From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
4/10/2012Re-referred to Com. on B. & F.
4/16/2012In committee: Set, first hearing. Hearing canceled at the request of author.

Total contributions given to Assemblymembers from interest groups that…

3.7 times as much
$3,500
$1,293,027
$1,252,526
$0
$79,008
$2,628,061
$356,283
$62,400
$134,595
$0
$81,050
$82,697
$0
$717,025
19 Organizations Supported and 10 Opposed; See Which Ones

Organizations that took a position on
An Act to Amend Section 2932.5 Of, to Amend and Repeal Section 2924 Of, and to Add Sections 2920.5, 2923.7, 2924.17, and 2924.18 To, the Civil Code, Relating to Mortgages.

19 organizations supported this bill

California Professional Firefighters
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California School Employees Association
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California State Attorney General
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Cambridge Credit Counseling
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Center for Responsible Lending
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Clearpoint Financial Services
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Coalition for Quality Credit Counseling
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Consumer Credit Counseling Service of Orange County
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Consumer Credit Counseling Service Of San Francisco
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Consumer Credit Counseling Service Of The North Coast
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Consumer Credit Counseling Service Of The Twin Cities
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
GreenPath
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Home Strong USA
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
InCharge
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Lutheran Office of Public Policy - California
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Money Management International
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Novadebt
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Springboard Nonprofit Consumer Credit Management
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
SurePath Financial Solutions
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.

10 organizations opposed this bill

California and Nevada Credit Union Leagues
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Bankers Association
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Chamber of Commerce
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Financial Services Association
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Independent Bankers
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Land Title Association
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Mortgage Association
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
California Mortgage Bankers Association
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
Securities Industry and Financial Markets Association
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.
United Trustees Association
Assembly Committee on Banking and Finance (2012, April 13). Assembly Committee Analysis. Retrieved July 3, 2012, from Leginfo: Bill Analysis.

Need proof?

View citations of support and opposition

Includes reported contributions to campaigns of Assemblymembers in office during the 2011-2012 California State Legislature, from interest groups invested in the vote according to MapLight, January 1, 2011 – December 31, 2012.
Contributions data source: FollowTheMoney.org

Contributions by Legislator

Namesort iconPartyDistrict$ From Interest Groups
That Supported
$ From Interest Groups
That Opposed
Katcho AchadjianRCA-33$33,100$20,400
Luis AlejoDCA-28$46,635$3,500
Michael AllenDCA-7$161,900$6,800
Tom AmmianoDCA-13$21,424$0
Toni AtkinsDCA-76$44,350$10,500
Jim BeallDCA-24$123,494$1,000
Bill BerryhillRCA-26$11,900$28,760
Marty BlockDCA-78$119,700$10,000
Bob BlumenfieldDCA-40$61,800$2,000
Susan BonillaDCA-11$48,675$7,600
Steven BradfordDCA-51$39,100$11,900
Julia BrownleyDCA-41$0$0
Joan BuchananDCA-15$55,950$12,900
Betsy ButlerDCA-53$156,300$5,600
Charles CalderonDCA-58$0$0
Nora CamposDCA-23$49,551$10,500
Wilmer Amina CarterDCA-62$0$0
Gilbert CedilloDCA-45$0$0
Wesley ChesbroDCA-1$32,250$4,000
Connie ConwayRCA-34$21,900$41,000
Paul CookRCA-65$0$0
Mike DavisDCA-48$0$0
Roger DickinsonDCA-9$57,650$11,200
Tim DonnellyRCA-59$0$0
Mike EngDCA-49$0$0
Mike FeuerDCA-42$0$0
Nathan FletcherRCA-75$0$0
Paul FongDCA-22$56,534$0
Felipe FuentesDCA-39$0$0
Warren FurutaniDCA-55$0$0
Beth GainesRCA-4$9,000$14,100
Cathleen GalgianiDCA-17$132,280$7,660
Martin GarrickRCA-74$0$0
Mike GattoDCA-43$74,500$38,300
Rich GordonDCA-21$36,986$10,500
Jeff GorellRCA-37$31,200$12,500
Shannon GroveRCA-32$2,500$7,000
Curt HagmanRCA-60$24,000$22,300
Linda HaldermanRCA-29$0$0
Isadore HallDCA-52$46,000$11,600
Diane HarkeyRCA-73$9,400$31,200
Mary HayashiDCA-18$0$0
Roger HernandezDCA-57$40,866$23,800
Jerry HillDCA-19$75,800$23,608
Alyson HuberDCA-10$0$0
Ben HuesoDCA-79$50,397$8,000
Jared HuffmanDCA-6$0$0
Kevin JeffriesRCA-66$0$0
Brian JonesRCA-77$2,000$12,200
Steve KnightRCA-36$15,200$1,000
Ricardo LaraDCA-50$61,300$26,900
Dan LogueRCA-3$11,000$12,100
Bonnie LowenthalDCA-54$22,400$1,000
Fiona MaDCA-12$0$0
Allan MansoorRCA-68$0$4,250
Tony MendozaDCA-56$0$0
Jeff MillerRCA-71$13,700$17,800
Holly MitchellDCA-47$40,583$4,000
Bill MonningDCA-27$60,222$4,500
Mike MorrellRCA-63$13,774$29,997
Brian NestandeRCA-64$40,600$7,500
Jim NielsenRCA-2$5,500$1,000
Chris NorbyRCA-72$3,000$2,500
Kristin OlsenRCA-25$14,150$28,450
Richard PanDCA-5$110,442$8,500
Henry PereaDCA-31$38,900$30,800
John PerezDCA-46$174,449$39,000
Manuel PerezDCA-80$37,800$14,900
Anthony PortantinoDCA-44$0$0
Jim SilvaRCA-67$0$0
Nancy SkinnerDCA-14$47,805$6,000
Cameron SmythRCA-38$0$0
Jose SolorioDCA-69$0$0
Sandre SwansonDCA-16$0$0
Norma TorresDCA-61$43,253$29,100
David ValadaoRCA-30$0$0
Don WagnerRCA-70$1,000$19,700
Bob WieckowskiDCA-20$62,800$6,100
Das WilliamsDCA-35$103,989$10,500
Mariko YamadaDCA-8$29,053$1,000

Add Data Filters:

Legislator Filters
Legislator Filters
Show All
NamePartyDistrict$ From Interest Groups
That Supported
$ From Interest Groups
That Opposed
Katcho AchadjianRCA-33$33,100$20,400
Luis AlejoDCA-28$46,635$3,500
Michael AllenDCA-7$161,900$6,800
Tom AmmianoDCA-13$21,424$0
Toni AtkinsDCA-76$44,350$10,500
Jim BeallDCA-24$123,494$1,000
Bill BerryhillRCA-26$11,900$28,760
Marty BlockDCA-78$119,700$10,000
Bob BlumenfieldDCA-40$61,800$2,000
Susan BonillaDCA-11$48,675$7,600
Steven BradfordDCA-51$39,100$11,900
Julia BrownleyDCA-41$0$0
Joan BuchananDCA-15$55,950$12,900
Betsy ButlerDCA-53$156,300$5,600
Charles CalderonDCA-58$0$0
Nora CamposDCA-23$49,551$10,500
Wilmer Amina CarterDCA-62$0$0
Gilbert CedilloDCA-45$0$0
Wesley ChesbroDCA-1$32,250$4,000
Connie ConwayRCA-34$21,900$41,000
Paul CookRCA-65$0$0
Mike DavisDCA-48$0$0
Roger DickinsonDCA-9$57,650$11,200
Tim DonnellyRCA-59$0$0
Mike EngDCA-49$0$0
Mike FeuerDCA-42$0$0
Nathan FletcherRCA-75$0$0
Paul FongDCA-22$56,534$0
Felipe FuentesDCA-39$0$0
Warren FurutaniDCA-55$0$0
Beth GainesRCA-4$9,000$14,100
Cathleen GalgianiDCA-17$132,280$7,660
Martin GarrickRCA-74$0$0
Mike GattoDCA-43$74,500$38,300
Rich GordonDCA-21$36,986$10,500
Jeff GorellRCA-37$31,200$12,500
Shannon GroveRCA-32$2,500$7,000
Curt HagmanRCA-60$24,000$22,300
Linda HaldermanRCA-29$0$0
Isadore HallDCA-52$46,000$11,600
Diane HarkeyRCA-73$9,400$31,200
Mary HayashiDCA-18$0$0
Roger HernandezDCA-57$40,866$23,800
Jerry HillDCA-19$75,800$23,608
Alyson HuberDCA-10$0$0
Ben HuesoDCA-79$50,397$8,000
Jared HuffmanDCA-6$0$0
Kevin JeffriesRCA-66$0$0
Brian JonesRCA-77$2,000$12,200
Steve KnightRCA-36$15,200$1,000
Ricardo LaraDCA-50$61,300$26,900
Dan LogueRCA-3$11,000$12,100
Bonnie LowenthalDCA-54$22,400$1,000
Fiona MaDCA-12$0$0
Allan MansoorRCA-68$0$4,250
Tony MendozaDCA-56$0$0
Jeff MillerRCA-71$13,700$17,800
Holly MitchellDCA-47$40,583$4,000
Bill MonningDCA-27$60,222$4,500
Mike MorrellRCA-63$13,774$29,997
Brian NestandeRCA-64$40,600$7,500
Jim NielsenRCA-2$5,500$1,000
Chris NorbyRCA-72$3,000$2,500
Kristin OlsenRCA-25$14,150$28,450
Richard PanDCA-5$110,442$8,500
Henry PereaDCA-31$38,900$30,800
John PerezDCA-46$174,449$39,000
Manuel PerezDCA-80$37,800$14,900
Anthony PortantinoDCA-44$0$0
Jim SilvaRCA-67$0$0
Nancy SkinnerDCA-14$47,805$6,000
Cameron SmythRCA-38$0$0
Jose SolorioDCA-69$0$0
Sandre SwansonDCA-16$0$0
Norma TorresDCA-61$43,253$29,100
David ValadaoRCA-30$0$0
Don WagnerRCA-70$1,000$19,700
Bob WieckowskiDCA-20$62,800$6,100
Das WilliamsDCA-35$103,989$10,500
Mariko YamadaDCA-8$29,053$1,000

Interest Groups that supported this bill

$ Donated
Police & fire fighters unions and associations$1,293,027
State & local government employee unions$1,252,526
Health & welfare policy$79,008
Financial services & consulting$75,750
Public official (elected or appointed)$3,500
Consumer groups$0

Interest Groups that opposed this bill

$ Donated
Commercial banks & bank holding companies$356,283
Credit unions$134,595
Mortgage bankers & brokers$82,697
Title insurance & title abstract offices$81,050
Financial services & consulting$75,750
Chambers of commerce$62,400
Security brokers & investment companies$0
Banks & lending institutions$0
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