Governor Visits Valley to Sign Fraud Protection Laws

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By KSEE News

Story Published: Oct 19, 2009 at 6:49 PM EST

Story Updated: Oct 19, 2009 at 6:49 PM EST

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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