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Supervisor Mirkarimi leads resolution supporting SB 729 to require clearer loan-modification notices
Summary
Supervisor Mirkarimi introduced a resolution supporting state Senate Bill 729 to require banks to give homeowners a clear yes or no on loan-modification applications before starting foreclosure.
Supervisor Mirkarimi introduced a resolution urging support for California Senate Bill 729, authored by state Senators Mark Leno and Darrell Steinberg, which would require banks to issue a clear yes-or-no decision to homeowners who have applied for loan modifications before starting foreclosure proceedings.
Mirkarimi said the bill responds to repeated instances in which homeowners negotiating modifications were nonetheless foreclosed upon. He noted the federal modification programs' voluntary nature and cited data suggesting the federal program had reached fewer households than intended.
Mirkarimi told the board that San Francisco had experienced rising foreclosures and that the bill would help give borrowers certainty about whether they could remain in their homes under a modified loan or would need other alternatives. He urged colleagues to support the resolution and submitted it for the record.
Why it matters: The resolution expresses the board’s support for state-level reforms to protect homeowners negotiating loan modifications and signals local legislative priorities to state lawmakers.
What’s next: The resolution was introduced and submitted; the board’s support will be communicated to the sponsors and state policymakers as SB 729 moves through Sacramento.
