The Legislature will conclude the 2021-2022 session on Wednesday, August 31.
We are excited to announce that the C.A.R. sponsored bill AB 2170 (Grayson), which had bipartisan support and received no “No” votes, passed out of the Legislature last week and is now awaiting signature by the Governor.
AB 2170 will prohibit bulk sales of REO parcels by a mortgage servicer that forecloses on 175 or more residential properties annually. This bill will also: a) enact into California law the existing federal guidelines for the federal “First Look” program and provide owner-occupants and public entities with an opportunity to put offers in on and potentially purchase REO properties for 30 days; b) require mortgage servicers to provide a written acknowledgment to the potential owner-occupant purchaser and public entities of all offers during that 30 day period; and c) require mortgage servicers to respond to “First Look” offers on REO parcels prior to accepting offers from investor purchasers.