California bill vote to end 'dual track' foreclosures and Oregon House OK bill to protect renters .

A proposed law facing a key vote in Sacramento on Wednesday would require lenders in California to make a decision on mortgage modifications for delinquent homeowners before beginning the repossession process, in effect ending "dual track" foreclosures in the state.


Financial institutions commonly pursue foreclosure even if a borrower has requested a loan modification, a two-track process the lending industry has argued is necessary to protect its investments. But dual tracking is under fire from regulators and lawmakers in the wake of last year's "robo-signing" scandal, which revealed widespread foreclosure errors.



The Rest of the Story...

http://www.latimes.com/business/realestate/la-fi-dual-tracking-2011...

Also,

The Oregon Senate passed legislation Tuesday that would boost protection of tenants if the property they rent goes into foreclosure. Read more.