Gov. vetoes Lieu bill on mortgage reform

Torrance Assemblyman Ted Lieu held a press conference this morning outside IndyMac Bank in Manhattan Beach to urge the governor to sign AB 1830, a package of mortgage reforms.
A couple hours later, Gov. Arnold Schwarzenegger vetoed it, saying it "overreaches and may have unintended consequences."
The bill would have banned certain lending practices and put restrictions on others.
But the governor argued that setting up separate state regulations -- in addition to federal regulations -- would put California banks at a competitive disadvantage.
At the press conference, Lieu had said, "If he vetoes it, it'll just mean he's captured by the special interests."
More later.