Only in California: A Ballot Proposal to Prohibit Foreclosures and Shut Down the Mortgage Industry
- Makes home ownership a fundamental right for every Californian.
- Prohibits lenders from foreclosing on any California citizen's personal home.
- Requires lenders to assist California borrowers not making payments on home loans due to financial hardship or illness.
- Requires lenders to reduce mortgage principal to reflect any drop in local property value of more than 10 percent, and to reschedule payments, reduce interest rates, and/or refinance without new credit review.
- Requires lenders to refinance home loans at a minimum cost within 45 days of request if loan has been maintained for three years.
- Provides back property tax assistance to homeowners from local governments (counties, cities, townships, etc.)