Last week, Attorney General Kamala Harris, who has fought for California homeowners and against big banks, was named one of the 100 most influential people in the world by TIME Magazine. Harris is 48 years old and is the first female, the first African American, and the first South Asian to ever be elected as California’s Attorney General. Quite an accomplishment!
Harris grew up in Oakland, watching her parents fight for civil rights, and she has been striving for social equality, equal rights, and progressive policies ever since. She is currently advocating for marriage equality by challenging Proposition 8, cracking down on gun violence in the streets, targeting human trafficking, and working hard to keep low-income children in school and safe.
But she is best known for her monumental Homeowner Bill of Rights, which ensures fair lending and borrowing practices for Californian homeowners. Harris successfully signed the bill into law at the beginning of this year, putting a halt to unjust mortgage practices, such as dual tracking. Mortgage loan servicers are now prohibited from advancing the foreclosure process while a homeowner is in the middle of applying for a loan modification. The Homeowner Bill of Rights is a gigantic leap forward toward restoring the proper checks and balances in the lending industry while protecting the rights of homeowners.
The significance of Attorney General Harris’ recognition for taking on the big mortgage giants by TIME is twofold. First, it is extraordinarily meaningful as a new, small crop of female executives and political leaders take charge and push for progress. And given that Harris’ largest accomplishment to date revolves around mortgage reforms and lending practices, we hope that efforts to promote the interests of homeowners continue, as more and more people, including regulators, recognize the importance of it.
If you are faced with foreclosure or considering loan modification options, contact us at McFarlin LLP. We are here to help you hold on to your home.