Harman blasts failed bill for its ‘impracticality, costliness’

State Sen. Tom Harman rebuked a failed proposal aimed at relieving borrowers suffering from a growing mortgage crisis, saying it opposes basic tenets of conservative thought.

Introduced by Senate President Pro Tem Don Perata (D-Oakland), the bill would’ve required lenders to notify borrowers by mail three times before monthly payments increased by 10% or more, and loaners meeting with borrowers 30 days before a loan defaulted.

Harman said this and other provisions of the law amounted to “a number of onerous, costly and impractical requirements on businesses that provide mortgage services.”

The bill failed to reach the supermajority required for its passage by one vote, with 26 yeas and 14 nays.

— Chris Caesar