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News Now

CU System
California bill would require monthly loan report
RANCHO CUCAMONGA, Calif. (1/9/08)--A bill was introduced in the California Assembly Monday that would require lenders in California to provide monthly reports on loan modifications. The California Credit Union League (CCUL) is aware of the bill’s introduction and is monitoring the situation. “Yesterday (Monday) was the first day of the California legislative session,” said Henry Kertman, CCUL public relations director Tuesday. “It is on our radar screen, but the league has no official position at this time.” League staff is studying the bill and will be reviewing it with the league’s Government Relations Committee within the next few weeks to determine a position, Kertman said. The bill, authored by California Assembly Banking and Finance Committee Chairman Ted Lieu, would require lenders to detail the loans they have originated and serviced, including hybrid adjustable-rate mortgages (ARMs), fixed-rate products, fully-amortized ARMs, or loans with negative amortization or interest-only features (American Banker Jan. 8). Lenders would also have to provide information on all modifications within the last two months, modification type, the number of loans nearing foreclosure and amount of loans past due (American Banker). A hearing on the bill is scheduled for next week.


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