Perata’s Mortgage Bill Becomes Law

If the feds really do bring Don Perata to trial on corruption charges, he’d better hope the jury has more than a few distressed mortgage holders on it. Because yesterday, Governor Arnold Schwarzenegger signed Perata’s bill to offer busted home borrowers some relief. Now, according to the EB Biz Times, lenders will have to call or personally visit borrowers, explaining a variety of amortizing options before proceeding directly to foreclosure. The bill also gives borrowers sixty days to vacate the premises should the unthinkable happen, and requires holders of foreclosed properties to maintain the land and keep it from decaying into slummy junk.

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