California Bankers Association Applauds Signing of Bipartisan Solution Reforming Foreclosure Law.SACRAMENTO, Calif. -- The following statement has been issued by the California Bankers Association regarding the passage of SB 1137 (Perata) into law earlier today: "We applaud Governor Schwarzenegger for signing SB 1137 (Perata) today. This measure, which takes effect immediately, represents a collaborative, bipartisan effort where all interested parties were able to successfully reach compromise on a comprehensive measure providing meaningful reform to assist borrowers facing foreclosure. The new law strikes an important balance of enacting relief for borrowers without limiting access to credit or causing market disruptions that could worsen the nation's credit crunch Credit Crunch An economic condition whereby investment capital is difficult to obtain. Banks and investors become weary of lending funds to corporations thereby driving up the price of debt products for borrowers. ," said Rodney K. Brown, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the California Bankers Association. "We thank Senate President pro Tempore president pro tem·po·re n. pl. presidents pro tempore The senator who presides over the U.S. Senate in the absence of the Vice President. Don Perata Don Perata (born April 30, 1945) is a California Democratic politician, who is the current President pro tempore of the California State Senate. He was elected to the post of President Pro Tempore in 2004. for his leadership and attention to this matter and for engaging our industry in this effort to find solutions that assist homeowners." Information about CBA See Capital Builder Account. Established more than 110 years ago, the California Bankers Association (CBA) is one of the largest state banking trade associations in the country. CBA leads the way in developing relevant education and legislative solutions to some of California's more pressing financial and banking issues, including adult financial empowerment, identity theft, financial privacy, and financial elder abuse Elder Abuse Definition Elder abuse is a general term used to describe harmful acts toward an elderly adult, such as physical abuse, sexual abuse, emotional or psychological abuse, financial exploitation, and neglect, including self-neglect. . CBA's membership includes more than 300 of California's commercial, industrial and community banks and savings associations. For more information, please visit www.calbankers.com. |
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