Sacramento, CA — State Senators Dave Cogdill (R-Modesto) and Dave Cox (R-Fair Oaks) are elated that the Democratically backed mortgage lending legislation was voted down in the Senate.
Cogdill commented, “How this is going to help the folks we were intending to help here, by keeping them in their homes or helping them to refinance at affordable rates, escapes me.”
Cox added, “It´s a situation of where the provisions of this bill just didn´t make any sense and would not have been good for anyone in the industry.”
The bill was initiated by Senate Pro Tem Don Perata (D-Oakland).
Written by Bill Johnson