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|Darren Williams, CEO of Wescom CU|
Williams' testimony was centered on California credit unions' low foreclosure numbers, high level of service, and emphasis on keeping members in their homes.
Other witnesses also included economists, the California attorney general's appointed mortgage monitor, borrower advocates, and representatives from mortgage servicers, regulators, attorneys, and banks.
In July 2012, the California legislature passed—and Governor Jerry Brown signed—two identical pieces of legislation that collectively came to be known as the California Homeowner Bill of Rights (HBOR). Effective Jan. 1 of this year, HBOR enacted comprehensive mortgage loan servicing reforms, established mortgage loan borrower protections, and modified California's non-judicial foreclosure process.
While credit unions were largely exempted from the law, HBOR prohibited all servicers from dual tracking and robo-signing—practices uncommon in the credit union industry.
The senate banking committee plans on holding another offsite hearing covering HBOR in Northern California in November.