California’s foreclosure process legitimizes the large-scale extraction of billions of dollars of wealth from low-income communities. When a homeowner can’t pay back their mortgage loan, the lender often sells the property at an auction, takes back the loan’s remaining balance, and the homeowner receives any surplus funds from the sale. As properties at auction sell for far below value, the defaulted homeowner often loses tens or hundreds of thousands of dollars of accrued home equity.
This bill requires nursing homes to spend at least 85 percent of their revenues on the direct care of residents. This ensures the billions of dollars we pay to nursing homes as taxpayers is actually spent on the residents and not to pad the profits of already very rich owners. Status: In Senate. From committee chair, with author’s amendments: Amend, and re-refer to committee.