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Tuesday, March 10, 2015

Ind. Gov't. - More on "Mortgage settlements in jeopardy: Bill killing them moves quietly" Or not?

Updating this long ILB post from Sunday, here is part of a just released statement from AG Zoeller, titled "AG urges lawmakers to keep mortgage settlement conferences, not repeal them: Amendment would undo 2011 law; legislators should keep law intact." Some quotes:

SOUTH BEND, Ind. -- Indiana Attorney General Greg Zoeller today warned that an important consumer protection helping distressed homeowners avoid foreclosure – the settlement conference – is in danger of being eliminated because of a proposal moving through the Legislature that to this point received insufficient discussion or debate in committee or floor sessions. Zoeller urged state legislators to remove the proposal before it goes any further in the process so that the foreclosure-preventing settlement conference process that helps homeowners stay in their homes can continue unimpeded.

“After the foreclosure crisis exposed the unethical practices of major mortgage servicers, my office worked extremely hard in our multistate investigation against five major banks to create new consumer protections for distressed homeowners. The right created by law to a court-supervised settlement conference and face-to-face meeting between borrowers and lenders has helped thousands of distressed homeowners work out plans to avoid foreclosures. We will aggressively oppose any attempt by the bankers’ lobby to roll back the clock and take away this crucial protection,” Zoeller said.

ILB: It is not clear whether the statement takes into account the 2nd reading amendment made by Sen. Tallian, the possible impact of which was discussed in the ILB post.

Posted by Marcia Oddi on March 10, 2015 12:49 PM
Posted to Indiana Government