July 30, 2010
Governor Arnold Schwarzenegger visited the North Valley today, to sign legislation that will protect California home-owners and home-buyers from fraud.
Merced has one of the highest foreclosure rates in California.
The new laws will keep mortgage lenders from demanding up front fees and make it a felony to commit fraud with a mortgage application.
The governor says this won't solve the mortgage crisis but it's a step in the right direction.
The new legislation will also give home-buyers the ability to choose what escrow office they want to use.
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