Assembly Dems to One Up Schwarzenegger on Sub-Prime Loan Crisis

[courtesy of The California Majority Report]

While Gov. Schwarzenegger goes to Riverside today to offer little more than happy talk about the sub-prime loan crisis, Assembly Democrats will roll out a legislative package in Sacramento that will do something about it.

Assembly Speaker Fabian Nunez and Assembly Banking and Finance Chairman Ted Lieu will roll out their proposals that crack down on deceptive lenders and toughen foreclosure regulations. They will be joined at a Sacramento news conference by local families that have been forced by their homes, as well as consumer advocates from the Greenlining Institute.

Lieu has spent the last week in Washington, D.C. meeting with top-level officials in the federal government, at the Federal Reserve, and on Capitol Hill.  His package is expected to be the first of many proposals put forward by Assembly Democrats this year, as well as those from the Senate.

Gov. Schwarzenegger has come under attack in the press for his photo-opp where he took credit for something that lenders already had done.