I cannot believe that the president signing this on 12-20 didn’t get HUGE nationwide MSM coverage…
I’m not sure what that tells me…
Details are still a bit cloudy, but it appears that this may ONLY pertain to purchase money loans and not refi’s.
Although purchase loans are already NON-recourse in CA, they could previously have been recourse debt in many other states.
HR 3648 looks to make purchase loans NON-recourse in all states, and does NOT make refi loans anything different than they have been, which is recourse debt.
Even so, it may not affect CA one bit, but it will encourage people in other states to be foreclosed on, adding to the national problem and keeping media attention focused on it.
