A California bill that would require loan servicers to contact borrowers and seek ways to avoid foreclosure was defeated Aug. 24 but has one last slim chance of passage next week. The bill, SB 1275, originally received broad statewide support but more recently has been the subject of intense opposition by the mortgage and banking industry, according to published newspaper reports in California. The legislation passed in the state Senate 21-12 in June and received support among Assembly committees before falling to defeat in a 38-27 vote earlier this week.

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3d rendering of a row of luxury townhouses along a street

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