Amplify’d from www.dsnews.com
California Foreclosure Losses in Billions, Lawmaker Wants Banks to Pay
According to a community advocacy group in California, home value losses from foreclosed homes in California have cost a minimum of $632 billion, and could end up costing as much as $1 trillion.
California is considered one of the “hardest-hit” states in the country, and according to the report, one in every five foreclosures in the United States is in California. Nearly a third of mortgages in California are underwater, and there have been 1.2 million foreclosures in the state since 2008.
ACCE has teamed up with a California assemblyman who is proposing legislation that would force lenders to pay $20,000 for each home foreclosure they initiate in California.
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