I've read it a few different places, so will you.This link, I think, is the best one:
I could repeat everything, but really it's worth reading the article. People that were foreclosed upon erroneously may get up to $2000.00 in damages.
People that are underwater may get help with refinancing or principal reduction.
What I like best? That your loan doesn't have to be backed by The two F's....Fannie or Freddie. They have been doing a bit of refinancing even if you are underwater. I've checked for many clients....and, unfortunately, they were not F or F backed. So this I see, as a really good thing. The 2k isn't spectacular, a drop in the bucket. But, if we can get the rest of the people that have been continuing to pay their mortgages instead of walking away, to get a principal reduction or refinance sooner than later? We'll keep more people in their homes. We all want that, don't we?
By the way? California is getting the most!