Mortgage debt is crippling the housing market all over the country, and the homeowners who've taken on more debt than they can afford. Now, real estate interests and banking interests are battling over legislation intended to ease the pain.
"For the first time, the debate is spilling into the realm of law making, with state legislators in California considering a bill that would redefine the obligations of many defaulting homeowners. The efforts to shape the bill demonstrate how much is at stake - in California and the many other states with distressed real estate markets.
The legislation introduced in the winter by the real estate lobby would have largely shielded foreclosed homeowners from debt collectors. But by the time it passed the state Senate on June 3, the banking lobby had succeeded in scaling it back. Now the bill goes to the state Assembly, where a committee will take it up next week, and bankers intend to continue lobbying."
Some worry the legislation could increase the amount of abandoned homes and defaulted loans.
FULL STORY: Battles in California Over Mortgages
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They Had No Heat for Months. A New Law Let Them Sue.
In New York state, tenants can now take landlords to court directly to force repairs and get damages, without withholding rent first. Here’s how one of the first tests of the new law worked.
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Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Congressman Proposes Bill to Rename DC Metro “Trump Train”
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DARTSpace Platform Streamlines Dallas TOD Application Process
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Renters Now Outnumber Homeowners in Over 200 US Suburbs
High housing costs in city centers and the new-found flexibility offered by remote work are pushing more renters to suburban areas.
The Tiny, Adorable $7,000 Car Turning Japan Onto EVs
The single seat Mibot charges from a regular plug as quickly as an iPad, and is about half the price of an average EV.
Supreme Court Ruling in Pipeline Case Guts Federal Environmental Law
The decision limits the scope of a federal law that mandates extensive environmental impact reviews of energy, infrastructure, and transportation projects.
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