Title

REQUIRES LENDERS OR OTHER MORTGAGE HOLDERS, UPON BORROWER'S REQUEST, TO CONVERT ADJUSTABLE-RATE LOAN TO THIRTY-YEAR FIXED RATE LOAN AND REDUCE LOAN PRINCIPAL TO PROPERTY'S CURRENT FAIR MARKET VALUE. INITIATIVE STATUTE.

Attorney General No.

10-0021

Secretary of State No.

1474

Description

Limits new loan's value to sum of the property's current market value, plus amount of certain cash distributions under the first mortgage. Extinguishes borrower's obligations on prior loans secured by the property. Prohibits reporting loan conversion to consumer credit agencies. Requires lenders to consent to short sale of nonowner-occupied property, upon borrower's request. Applies retroactively. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local government: The fiscal effect of this measure on state and local government is probably insignificant.

Proponents

Barbara Moseby

Date

10-14-2010

Document Type

Initiative

Qualified

Failed to Qualify

Recommended Citation

REQUIRES LENDERS OR OTHER MORTGAGE HOLDERS, UPON BORROWER'S REQUEST, TO CONVERT ADJUSTABLE-RATE LOAN TO THIRTY-YEAR FIXED RATE LOAN AND REDUCE LOAN PRINCIPAL TO PROPERTY'S CURRENT FAIR MARKET VALUE. INITIATIVE STATUTE. California Initiative 1474 (2010).
https://repository.uclawsf.edu/ca_ballot_inits/1674