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California’s working families are being devastated by the home foreclosure crisis. While tens of thousands are losing their homes, millions more are watching their home values plummet. Collectively, we are now at the lowest level of home equity since the Great Depression. As our economy enters recession, families are seeing their monthly mortgage payments double and triple.

We must act now to help families facing foreclosure and to prevent this type of crisis from happening again. AB 1830 (Lieu) would reform lending practices to protect families from unscrupulous brokers and unfair mortgage loans. This bill would regulate sub-prime lending practices to protect families from being steered into riskier, costlier loans than they otherwise qualify for. 

This bill expands on the reforms outlined in SB 1137 (Perata), which was passed and signed into law in July. SB 1137 requires lenders to talk to borrowers before initiating a foreclosure, resulting in immediate aid to those at risk of losing thier homes.

But if we want to prevent another foreclosure freefall, we must ensure that the abusive lending practices that fueled this crisis are eliminated. Please send a letter to your legislators today to express your support for AB 1830, and stop predatory lenders from taking advantage of California's working families.