Money & Company
Tracking the market and economic trends that shape your finances.
April 27, 2011 | 6:53 pm

A proposed law that would have ended “dual track” foreclosures in California failed to win a key vote in Sacramento on Wednesday.

The California bill, SB 729, would have required a lender to fully evaluate a borrower for a loan modification before filing a notice of default, the first stage in the formal repossession process.

Sen. Alex Padilla (D-Pacoima) abstained from voting following a hearing in the state Senate’s Banking and Financial Institutions Committee and the bill failed 3-3.

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