BILL NUMBER: AB 2347INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Feuer FEBRUARY 19, 2010 An act relating to mortgage defaults. LEGISLATIVE COUNSEL'S DIGEST AB 2347, as introduced, Feuer. Mortgage defaults: secondary public financing. Existing law requires a lender to file a notice of default in the case of nonjudicial foreclosure prior to enforcing a power of sale as a result of a default on an obligation secured by real property, as specified. This bill would express the intent of the Legislature to enact legislation that would, if enacted, ensure that when a public entity is a secondary mortgage lender for multifamily residential real property, that public entity would receive each notice of default filed on that property in a timely manner. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. It is the intent of the Legislature to enact legislation that would, if enacted, ensure that when a public entity is a secondary mortgage lender for multifamily residential real property, that public entity would receive each notice of default filed on that property in a timely manner.