Big victory for mortgage industry!
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AB 2501 Fails on Assembly Floor
Big Victory for Mortgage Industry!
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***UPDATE! THANKS FOR YOUR HELP!***
California Assembly Bill 2501, which would have enacted sweeping new forbearance standards beyond the federal CARES Act mandates for residential and multifamily mortgages, has been defeated on the floor of the Assembly this week. The bill failed passage on Monday, and today's session adjourned without the bill being reconsidered.
The Assembly deadline for bills to pass the house of origin is tomorrow and today was the last scheduled floor session prior to the deadline, so the bill is considered dead.
This is a HUGE victory for the mortgage industry, the California MBA, and all of our coalition partners. Big thanks to the MBA's Mortgage Action Alliance for all their help in activating our industry's voice in California! Your activism and efforts to contact your legislators made a real difference in defeating a dangerous bill.
Despite the good news today, this year's legislative session will continue in a few weeks, and the California MBA is closely following several more critical bills. Stay tuned for more updates, or visit www.CMBA.com/advocacy to check the daily report of mortgage-related legislation.
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