Sacramento Report
September 16, 2008
Mortgage Reform Legislation on Governors Desk
The Assembly is set to send Assembly Bill 1830 to the Governor as part of the Legislature’s key mortgage reform legislation. AB 1830 establishes that brokers have a fiduciary duty and must put the borrower’s economic interest ahead of their own. Brokers are also prohibited from steering borrowers to land that are more costly than what the borrower would qualify for and the bill caps prepayment penalties for some loans.
