California lawmaker proposes bill that would charge banks $20,000 fee per foreclosure | Markets | Market News | Canadian Business Online

LOS ANGELES (AP) – A California state assemblyman is introducing legislation that would bill banks $20,000 for every home foreclosure they execute in the state.

San Fernando Valley-based Assemblyman Bob Blumenfield’s office said in a fact sheet released Wednesday that the bill would help make up for costs associated with foreclosures, such as property tax losses.

The money collected would be used for school districts, police and fire departments, small-business loans and other applications.

Amy Schur, who directs advocacy group Alliance of Californians for Community Empowerment, which is supporting

 

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