Monday, July 30, 2012
AVOID FORECLOSURES (H 4323): House 153-0, Senate 35-0, approved and sent to the governor the conference committee version of a bill prohibiting banks from pursuing foreclosure on a homeowner unless they have first taken "reasonable steps and good faith efforts to avoid foreclosure." A key provision requires the bank to offer a modified loan to the borrower if it is more profitable than the amount the bank would recover through foreclosure.
Supporters said the bill would help an estimated 100,000 mortgages in jeopardy and keep families in their homes while still being more than fair to banks.
(A "Yes" vote is for the bill.)