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California Progress Report (Free subscription) | 02/10/2008
By Ted W. Lieu Chair California State Assembly Rules Committee Governor Schwarzenegger’s solution to the massive mortgage crisis threatening the economies of our state and nation is apparently the following: do nothing. Let’s be clear, the foreclosure crisis happened on his watch and he continues to do virtually nothing...
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California Progress Report (Free subscription) | 27/09/2008
In this Democratic weekly radio address, Assemblymembers Ted Lieu (D-Torrance) and Kevin de León (D-Los Angeles) say Assembly Democrats are...
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The Sacramento Business Journal (Free subscription) | 26/09/2008
Wall Street won and Main Street lost when Gov. Arnold Schwarzenegger vetoed a subprime mortgage reform bill Thursday, author Assemblyman Ted Lieu said.
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CNNMoney.com (Free subscription) | 26/09/2008
... consequences," the Republican governor said in his veto message.The bill's author, Assemblyman Ted Lieu, D-Torrance, said in a statement that "Wall Street won and Main Street lost" with the veto. He said the governor relied on "the same tired arguments that were made the last eight years by industry, the same arguments that led us to the worst mortgage and foreclosure crisis in American...
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Merced Sun-Star.com -- Local (Free subscription) | 26/09/2008
The bill by Assemblyman Ted Lieu, D-Torrance, would have banned subprime borrowers from obtaining "negative amortization" loans, agreements that offer low initial payments but increase the principal balance over time, boosting interest costs and making them difficult to pay off.
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Sacramento Bee (Free subscription) | 26/09/2008
The bill by Assemblyman Ted Lieu, D-Torrance, would have specified that mortgage brokers have a "fiduciary duty" to borrowers, exposing brokers to greater liability for violating that duty. Consumer groups said that was important as an enforcement tool.
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LA Biz Observed (Free subscription) | 26/09/2008
... to be in vogue again, there's little sign of bipartisan cooperation. From the LAT: Assemblyman Ted Lieu's bill was supported by consumer groups and opposed by real estate and mortgage broker trade groups. Other financial groups, including bankers and credit unions, canceled their opposition during earlier negotiations. Even though the bill was watered down by the Legislature, Lieu...
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San Diego Union (Free subscription) | 26/09/2008
... also says it could have prompted unfair lawsuits against brokers. The bill's author, Assemblyman Ted Lieu, D-Torrance, said he will push the legislation again next year. The governor has signed 10 other housing-related bills, including ones that allow more oversight of brokers, require brokers to disclose more information to consumers and regulators, and help create new mortgage-refinancing...
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LA Times (Free subscription) | 26/09/2008
The bill, AB 1830, by Assemblyman Ted Lieu (D-Torrance), was the most far-reaching of more than a dozen introduced by California lawmakers in January as residential foreclosures rose and the subprime mortgage crisis began to ravage California's economy.The number of foreclosures in the state jumped 137% to 590,000 in the 12 months through August, according to ForeclosureRadar of Discovery Bay,...
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Los Angeles Times (Free subscription) | 26/09/2008
The bill, AB 1830, by Assemblyman Ted Lieu (D-Torrance), was the most far-reaching of more than a dozen introduced by California lawmakers in January as residential foreclosures rose and the subprime mortgage crisis began to ravage California's economy.The number of foreclosures in the state jumped 137% to 590,000 in the 12 months through August, according to ForeclosureRadar of Discovery Bay,...
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Sacramento Bee (Free subscription) | 25/09/2008
... whose problems have been partly blamed on irresponsible lending practices. The bill by Assemblyman Ted Lieu, D-Torrance, would have banned subprime borrowers from obtaining "negative amortization" loans, agreements that offer low initial payments but increase the principle balance over time, boosting interest costs and making them difficult to pay off.AB 1830 also would have specified that...
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Legal Pad (Free subscription) | 26/09/2008
Earlier this week, the governor called on federal lawmakers to fix the financial mess threatening the nation’s economy. Today he vetoed five bills that would have further regulated the mortgage industry or provided greater protection to loan-seekers. Among the governor's higher-profile veto targets: Assembly Bill 1830 by Assemblyman Ted Lieu, D-Torrance, which would have banned certain negative...
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Daily News (Free subscription) | 26/09/2008
... He also says it could have prompted unfair lawsuits against brokers.The bill's author, Assemblyman Ted Lieu, D-Torrance, says he will push the legislation again next year.The governor has signed 10 other housing-related bills. They allow more oversight of brokers, require brokers to disclose more information to consumers and regulators, and help create new mortgage-refinancing programs.
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California Progress Report (Free subscription) | 26/09/2008
... homeowners and communities, we are appalled that the Governor vetoed this bill by Assemblymember Ted Lieu. The current financial crisis rocking the nation has its roots in some of the greedy and predatory mortgage lending practices that AB1830 sought to prohibit. Today the Governor missed a great opportunity to prevent a future foreclosure crisis in California, and homeowners and local communities...
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Consumers Union - All Articles (Free subscription) | 25/09/2008
... mortgages that can put them at risk of foreclosure. The bill, sponsored by Assembly member Ted Lieu, is supported by a broad coalition of consumer and labor organizations. “AB 1830 provides much needed protections to address some of the serious failures in the higher priced mortgage lending market, which contributed to today’s foreclosure crisis,” said Norma Garcia, Senior Attorney for Consumers...
