Schwarzenegger Signs Fraud Protection Laws in Merced

October 19, 2009 12:00:00 AM PDT
Valley homeowners facing foreclosure received help from Governor Schwarzenegger Monday morning.                  |   Watch Video Above for Extended Coverage   |

The governor signed eight new bills in Merced, which is currently ranked fourth in the country in foreclosures.

The new bills target fraudulent activities related to home loan modifications ... strengthen reverse mortgage laws ... and make it a felony to commit fraud in connection with a mortgage application.

One of the new bills also mandates buyers of foreclosed homes have the choice of using a local escrow service ... a choice that was not offered before and cut business from local companies.

Other foreclosure bills are in the works. One requires a mediator to work with banks, whenever a homeowner is facing foreclosure.

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