Assemblyman Bob Blumenfeld says the money collected from banks would go to school districts, police and fire departments, and small business loans.
The attorney general of Minnesota says a Costa Mesa mortgage company charged homeowners thousands of dollars in fees and never delivered on promised refinancing services.
Short sale transactions allow distressed borrowers to avoid foreclosure by selling their homes for less than what is owed on them.
The plan is aimed at helping thousands of borrowers who owe more than their properties are worth, but without cooperation from the banks, the program will likely have limited benefits.
Fewer U.S. homes entered the foreclosure process in January than in any month in more than three years, the latest sign lenders are taking longer to move against homeowners who have fallen behind on mortgage payments.
A steep decline in home values across California and the U.S. are leaving more Americans underwater in their mortgages in 2011.
As long as unemployment stays high in California, more people will likely be forced out of their homes by foreclosure, a state panel warned on Monday.
With patience and paperwork, thousands of people lined up at the L.A. Sports Arena Sunday to try and refinance their mortgage through the Neighborhood Assistance Corporation of America (NACA).
Thousands of homeowners waited at the Los Angeles Memorial Sports Arena Thursday in the hopes of getting free advice to save their homes from foreclosures.
Industry experts warn Riverside County is among the most distressed cities in the state when it comes to mortgages — and 2011 may not bring much more relief.
Fewer Southland homeowners struggled to keep up with their mortgages in December, but there may be more turbulence for those with adjustable rate mortgages.
Residents said the hillside along the 25000 block of Malibu Road near Corral Canyon has been moving for some time, but a big piece of earth recently collapsed.
Six homeowners affected by last week’s hillside collapse have hired an attorney to pursue claims against the city, with a trial expected sometime later this year.
More troubled homeowners are dropping out of the Obama administration’s main foreclosure-relief program, which has been widely criticized for failing to help more people keep their homes.
California Attorney General Jerry Brown says Wells Fargo Bank N.A. has agreed to modify adjustable-rate loans made to nearly 15,000 Californians by lenders that it acquired.