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PRESS RELEASE 07-17
July 23, 2007
Contact: Alana Golden, Public Information Officer
(916) 323-7012 or (916) 322-5966
www.dfi.ca.gov

Commissioner of Financial Institutions Participates in Consumer Home Mortgage Town Hall Events

(San Francisco, CA) Department of Financial Institutions (DFI) Commissioner Michael A. Kelley attended Consumer Home Mortgage Town Hall events on Saturday, July 14, 2007 at the California Baptist University - Yeager Center in Riverside and on Saturday, July 21 at Our Lady of Holy Rosary Church in Sun Valley.

The Riverside and Sun Valley events are part of a series of community events coordinated by the Department of Consumer Affairs, State and Consumer Services Agency, and the Business, Transportation and Housing Agency in partnership with local legislators, to help educate the public about homeownership. The Riverside Town Hall was hosted by Senator Bob Dutton and Assembly Members John Benoit, Paul Cook, Bill Emmerson, and Kevin Jeffries. The Sun Valley event was hosted by Senator Padilla and Assembly Member Felipe Fuentes.

State officials and experts provide presentations and information on mortgages and making the most of homeownership. Efforts also include consumer education, enforcement against unscrupulous licensees, and new regulations to ensure consumers better understand the loan products that are available.

"Together, we can assist borrowers by helping them obtain information on financial transactions including mortgages and refinancing, tips on working with lenders, and filing a complaint with the appropriate regulatory agency if a borrower believes a violation of the law has occurred," said Commissioner Kelley. "We are encouraging consumers to bring their loan documents and/or all financial-related questions and get straight answers from state regulators," Kelley added.

In addition to the Town Hall events, a Consumer Home Mortgage Web site was launched in May, www.yourhome.ca.gov, which is also available in Spanish at www.sucasa.ca.gov and provides consumers with links to an array of helpful mortgage resources. The online information allows consumers to address their unique situations, with links for consumers who are looking to purchase a home and for those who need help with an existing mortgage. The Web site also posts scheduled town hall event information.

DFI supervises over 700 financial institutions. The Department is responsible for administering state laws regulating state-licensed financial institutions: banks, credit unions, industrial banks, savings associations, trust companies, offices of foreign banks, issuers of travelers' checks and payment instruments (money orders), and money transmitters. DFI reports to Business, Transportation & Housing Agency Secretary Dale E. Bonner and Gov. Arnold Schwarzenegger.