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A blog about the economy and the Sacramento-area real estate market.

June 19, 2009
Lenders winning exemptions from new Calif. foreclosure law
foreclosure2.jpg
Seven lenders have already received immunity this week from the state's new foreclosure prevention law that went into effect Monday. Another 35 received temporary immunity while their applications are processed. The new law makes lenders prove to the state that they have a comprehensive loan modification program that helps borrowers stay in their homes. Those that can't prove it to the state's satisfaction must wait an extra 90 days before foreclosing on borrowers.

Here's last week's Bee story on the law. We'll update in Saturday paper on Week One.

Lenders Approved this week: (as of Friday)
Bank of America
BAC Home Loans Servicing
Carrington Mortgage Services
CitiMortgage
EMC Mortgage
Kondaur Capital
Select Portfolio Servicing

Applied and received temporary 30-day approval:
American Home Mortgage Servicing
Beneficial California
Beneficial Financial
Capital Financial Services
Champion Mortgage
Chase Home Financing
Christian Community Credit Union
Clifford Douglas Property Assets
Fay Servicing
First California Mortgage
First Entertainment Credit Union
First Federal Bank of California
Fresno County Federal Credit Union
GMAC Mortgage
Homecomings Financial
Household Finance
HSBC Credit Center
HSBC Mortgage
HSBC Mortgage Services
HSBC Mortgage Services
JPMorgan Chase
Kinecta Federal Credit Union
Litton Loan Servicing
OneWest Bank
PennyMac Loan Services
Provident Credit Union
Residential Credit Solutions
Saxon Mortgage Services
Selene Finance
U.S. Bank National Association
Vericrest Financial
Walter Mortgage
Wells Fargo Bank

Web sites to check for newest listings:
http://www.corp.ca.gov/FSD/CFP/pdf/ExemptList.pdf

http://www.dfi.ca.gov/cfpa/default.asp

http://www.dre.ca.gov/ind_cfpa_exemptlist.asp

Source: California departments of Corporations, Financial Institutions and Real Estate

Photo: weblogs.newsday.com

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