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Foreclosure "Rescue" Fraud

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With foreclosures on the rise in California, loan “rescue” scams are proliferating in the state and around the country. Distressed homeowners seeking mortgage relief are increasingly being ripped off by companies promising – and then failing to provide – loan modification help. We’ll find out how the scams operate, and examine legislation pending in Sacramento aimed at cracking down on them.

Guests:

Kevin Stein, associate director of the California Reinvestment Coalition, an organization that advocates for equitable access to financial services for low-income and minority communities

Pedro Nava, member of the California Assembly, District 35.

Kamala Harris, San Francisco District Attorney.

Wayne Bell, chief counsel at the California Department of Real Estate.

George Duarte, legislative chairman of the East Bay chapter of the California Association of Mortgage Brokers

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