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Foreclosure Bills Head to Senate Floor

Two bills to curb Oregon's foreclosure crisis have been advanced to a full Senate vote. SB 1552 and SB 1564 were both voted out of committee this morning with a favorable recommendation. This is the first step in progressing real foreclosure reform in Oregon. The floor vote could come as early as Wednesday, then the bills are on to the House.

SB 1552 would implement a mandatory mediation program in Oregon, giving homeowners facing foreclosure or those deeply underwater a chance to sit down with their lender and a neutral third party to discuss alternatives to foreclosure. 21 other states, including Washington, already have similar programs in effect. The foreclosure-avoidance rate from well-structured programs is upward of 50% - a figure that would go a long way toward finally ending Oregon's foreclosure landslide.

SB 1564 would help end the dual track process in which a homeowner is simultaneously negotiating for a loan modification while in active foreclosure. While a majority of lawmakers appear ready to support the underlying policy of SB 1564, there are two camps emerging when it comes to the question of enforcement and accountability. The bill includes clear enforcement under the state's primary consumer protection statute, the Unlawful Trade Practices Act. Under the UTPA, the Attorney General would have authority to go after wrong doers and individual homeowners would have the ability to take their case before a judge if their lender fails to follow the law. Recent history is littered with examples of the failure of voluntary measures and earnest promises from our country's largest banks to follow best practices. Clear enforcement is the only hope for breaking the cycle of well-intentioned programs failing due to non-compliance.

Help keep up the momentum these bills have by calling your legislators at 1.800.332.2313 and urging them to support SB 1552 and SB 1564. After you do so, please let us know how your calls went.

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Economic Fairness Oregon is a non-profit, non-partisan organization dedicated to consumer protection and fair lending laws. Our goal is to restore a financial system built to work for the people, not against them.

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