Two years into one of the most alarming recessions in the history of the United States, the Senate today approved the Wall Street financial reform bill, according to the Los Angeles Times.

It’s a “bold” and “controversial” piece of legislation that aims to “prevent financial firms from gouging consumers on mortgages and other financial products.” Risky lending, overstretched borrowers and complex sales of bundled home loans are among the many factors that led to an eventual housing/economic crisis.

From the report:

“The legislation also shuts down the federal Office of Thrift Supervision, which oversees savings and loans. That agency failed to prevent the risky mortgage lending that led to some of the biggest collapses of the crisis, including IndyMac Bank of Pasadena and Washington Mutual Bank, the largest thrift failure in U.S. history. Its duties merge into the Office of the Comptroller of the Currency, which oversees national banks.”

Of course, the bill, which narrowly made it through Congress, does have its detractors. Senate Minority Leader Mitch McConnell (R-Ky.) is one of them:

“I think it’s going to make credit harder for the American people to get, clearly harder for businesses to get…. It’s just this kind of uncertainty that will deter lending and freeze up credit … [the legislation] will create a vast new unaccountable bureaucracy that will impose onerous new regulations on struggling businesses.”

President Barack Obama is expected to sign the bill into law next week “in an elaborate ceremony touting it as evidence that Democrats are standing up for Main Street against the powerful financial industry and its Republican allies.”

Too little too late or just what the doctor ordered considering the current circumstances?

Forbes has compiled a list of the riskiest cities for homeowners, which have the highest percentage of borrowers who are at least three months late on their mortgage payments.

Check it out:

1. Las Vegas, Nevada
2. Riverside, California
3. Stockton, California
4. Modesto, California
5. Bakersfield, California
6. Vallejo, California
7. Orlando, Florida
8. Memphis, Tennessee
9. Miami, Florida
10. Fresno, California

“Sin City” has the dubious distinction of topping this list; however, California has six cities in the top 10, underscoring the distressing situation on the left coast.

The good news is that the “Golden State” recently pledged $700 million to prevent about 40,000 foreclosures. In fact, the program, “Keep Your Home,” is the nation’s “biggest principle reduction program,” trimming mortgages by up to $50,000 each.

If you are a struggling homeowner in California and want to learn more about whether or not you qualify for mortgage assistance click here. Those who want to view foreclosures in California — or anywhere else in the United States for that matter — should click here.

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It’s a recurring theme at Foreclosure.com: You ask, we deliver.

In response to overwhelming demand, we recently enhanced our popular “Foreclosure Alerts,” enabling you to now track foreclosure filings on a street level.

Ever wonder, “How can I find foreclosed homes for sale on my street?” Or, “How can I find out if my neighbor is foreclosure?”

Well, now you can get the answers to these types of questions emailed directly to you the moment they happen. And it won’t cost you a single penny.

That’s right, our “Foreclosure Street Alerts” are totally FREE and require zero obligation.

How does it work?

It’s simple: Just provide us with the desired street name and its corresponding zip code. We do the rest.

Want to watch streets in more than one neighborhood? No problem. Foreclosure.com allows you to monitor up to 10 different streets all at once.

So whether you’re waiting for a vacancy to open up on your favorite block or you’re just plain curious, “Foreclosure Street Alerts” ensure that you catch everything in your crosshairs before someone else does.

Sign up today to receive daily “Foreclosure Street Alerts” with no obligation. It’s quick and easy. Did we mention it’s also FREE? Click here.

The San Diego Union-Tribune passes along good advice:

“… you’re going to need to dig a little. First off, be wary if the lease you are signing is too good to be true…. A home or apartment offered for below the market rate or a deal that requires several months of rent upfront are clues that things might not be on the up-and-up. You might also want to check if there is a notice of default on the property…. If you see a notice of default, run, don’t walk, away. Once you are in a property, it’s a good idea to run the same type of check every couple of months to avoid any unwelcome surprises.”

To find out if a notice of default has been filed on the property in which you are renting you can inquire at the local courthouse or search Foreclosure.com.

Remember, too, that we now offer “Foreclosure Street Alerts,” which will notify you via email as soon as a house on your street goes into foreclosure. To receive these free alerts click here.

The sourced article also sheds light on what to do about payment, as well as what your legal rights are as a tenant (will you be evicted?), if you find yourself living in a foreclosed property.