I received an email from Barbara Boxer today to update me on the progress of amendment SA 1035, which just passed the US Senate. It’s good news that I thought you should all know. I include below the text in its entirety:
The Senate recently passed an amendment (SA 1035) I authored requiring that homeowners be alerted within 30 days if their lender sells or transfers their home mortgage loan. The amendment is good news for America’s homeowners.
My amendment provides transparency and gives homeowners another tool to fight illegitimate foreclosures and negotiate loan modifications to help keep families in their homes. Under the measure, if a loan is sold or transferred, the new note holder would have 30 days to notify the homeowner with the following information:
- the identity, address, and telephone number of the new creditor;
- the date of the transfer;
- how to reach an agent or party with the authority to act on behalf of the new creditor;
- he place where the transfer is recorded; and
- any other relevant information regarding the new creditor.
This is just common sense: If you have a mortgage on your home, you should know who actually holds that mortgage. But too often, homeowners are not able to modify their mortgages to avoid foreclosure simply because they cannot find out who holds their mortgage.
My measure has been endorsed by the National Consumer Law Center, the National Association of Consumer Advocates, Consumer Action, the Consumer Federation of America, Consumers Union, the National Association of Neighborhoods, the National Council of La Raza and the National Fair Housing Alliance.