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Banks To Face More Suits In Wake Of Calif. Mortgage Overhaul

Law360, San Diego (July 12, 2012, 11:13 PM EDT) -- California became the first state to put much of the national mortgage settlement with major banks into law on Wednesday when Gov. Jerry Brown signed off on legislation that aims to crack down on lender abuses, but the law is likely to lead to more litigation that slows the foreclosure process and may have limited benefits for homeowners, experts say.

The governor signed into law A.B. 278 and S.B. 900, which are part of the Homeowner Bill of Rights legislation package sponsored by California Attorney General Kamala Harris and seek to give borrowers more opportunities to modify their loans to prevent...

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