California bills would pause mortgage payments in disasters
Alongside a bill that gives homeowners a year of forbearance after state-declared emergencies, lawmakers will consider extending wildfire-related moratoriums.
California
Impact of climate-fueled disasters seen in insurance, real estate data
The changing climate is increasing insurance rates for residents and cities and lowering property values in areas that face more frequent and intense disasters.
Commercial real estate faces new challenges after LA fires
Offices, apartment buildings and retail locations in Los Angeles face a tangle of difficulties as the smoke clears from January's wildfires. High on the list is inadequate insurance, a common problem in California.
RMBS market ready to cope with Los Angeles wildfires
Portfolio enhancements and diversifications cushion the impact of the L.A. wildfires from RMBS losses.
California obtains federal approval for its mortgage relief program
With resources provided through the Homeowner Assistance Fund, the $1 billion plan will help cover homeowners’ past-due payments and comes after New York unveiled a similar assistance package earlier this month.
Likely defeat of California’s Prop. 21 a win for commercial lenders
The ballot measure, which would allow local jurisdictions to expand rent control, had concerned mortgage companies who worried the law would result in a patchwork of different policies that could complicate underwriting and discourage lending.
Banks, consumer groups both got what they wanted in ‘mini-CFPB’ bill
The California plan to create a new, tougher state regulatory agency is at the finish line after lawmakers agreed to key exemptions for banks while maintaining strong enforcement measures for payday lenders and other firms.
Student borrower protection bill on verge of passage in California
The legislation, which would apply to both banks and nonbanks, would give borrowers the right to sue for damages when servicing violations occur.
California’s ‘mini-CFPB’ plan is back in play. Banks aren’t happy.
A proposal to expand consumer protections in the state was added to a budget bill after being dropped in June. Financial institutions say the measure conflicts with federal law and are working behind the scenes to stop it.
Citigroup’s private-label RMBS: Structuring for the new normal
As COVID-19 infections increase across the country, including in California, Citigroup has structured a residential mortgage-backed securities offering fit for the times, providing investors with a strong deal structure and robust collateral.
By
John Hintze
California tables ‘mini-CFPB’ idea — for now
A budget item establishing a new agency to protect consumers from predatory lenders has been put on hold as state officials deal with the coronavirus response and other priorities. But it could be revived in legislative talks later this summer.
States try to help borrowers left out of federal forbearance plans
One criticism of the CARES Act is that it provides relief only to borrowers with government-backed loans. Bills in New York and California would cover the remaining 30% of homeowners.
California bill to pause foreclosures, repos draws fire from lenders
A Democratic measure to freeze foreclosures and auto repossessions through the coronavirus crisis while expanding eligibility for loan forbearance is getting strong pushback from banks and credit unions, which complain it would constrain credit.
In rebuke of CFPB, states look to get tough on debt collectors
In another sign of state officials trying to outdo the Consumer Financial Protection Bureau, governors in California and New York want greater authority to license and oversee the debt collection industry.
Stern warnings to lenders mulling end run around California rate caps
Federal and state policymakers wagged their fingers this week at high-cost lenders that might be looking to team with banks to evade a 36% ceiling on interest rates.
There may be a huge hole in California’s new rooftop solar rule
A proposal by a single utility threatens to upend California’s sweeping mandate requiring solar panels on almost every new home.
Cross River gets onboarding system it coveted in fintech deal
Seed, a San Francisco startup, has developed a platform that lets small businesses quickly open accounts online. That's an important feature for Cross River as it courts more fintech clients.
California seeks to revoke auto title lender’s license
The state's financial regulator says Fast Money Loan charged consumers interest rates and fees above the state's usury cap, and operated unlicensed storefronts.
Alternative lenders try to fill void left by shutdown
The tricky part: raising awareness without appearing to take advantage of borrowers at a time when agencies like the SBA are out of commission.
Resiliency, gut rehabs to drive growth in commercial PACE
The Property Assessed Clean Energy sector is getting a boost from the expansion of improvements eligible to be financed via tax assessments, including fire resiliency and total building renovations, according to DBRS.
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