This LINK leads to a terrific overview of some new and long overdue regulations regarding homeowners and foreclosures. As reported by CBS San Fransisco.
Essentially, 14 major banks will be required to have one central contact point for homeowners in distress. They will also be forced to stop all foreclosure proceedings for homeowners in a trial loan modification.
They are being forced to hire outside auditors to go back through all foreclosures and to determine if any financial damage was done. They will have to reimburse homeowners in those case.
There is much more. Take a few minutes to watch the video- NEW REGULATIONS VIDEO