New Legislation/Bill Introduced to Fine Big Banks $20k for Each Foreclosure

“………A bill sponsored by Assemblyman Bob Blumenfield (Democrat, Los Angeles) — the Foreclosure Mitigation Fee (AB 935), which is currently going through legislative hearings – would require banks to pay their share of foreclosure costs. Backed by a broad coalition of consumer, community and labor groups, the bill would impose a $20,000 fine on banks for each foreclosure.

The $12 billion revenue over next two years would go entirely to local communities in order offset the multiple costs borne by our neighborhoods because of foreclosures and shared between public safety, public education, local governments, redevelopment activities and small businesses…..”

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