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We did it!

Thanks to the hard work of dedicated leaders, passionate citizens and tireless consumer advocates, the Oregon legislature has voted to pass foreclosure reform. This is a huge victory, and one that many did not think would happen. We’re happy to prove them wrong.

Thanks to legislation approved in an amended version SB 1552, a combination of SB 1552 & SB 1564, our state will now implement a mandatory mediation program and put an end to the destructive dual track system. These are changes that address the most common problems homeowners encounter – trying to get a hold of an actual decision-maker at their bank, and being told they’re on the path to save their home, only to find their bank has already started the foreclosure process.

This was one of the last bills voted on before the 2012 session adjourned last night, and it was a long time coming. In recent days, banking lobbyists have been desperately trying to stop this legislation from moving forward. But those fighting for the bill refused to give up, and were bolstered in their efforts from a flood of phone calls from concerned constituents from across the state. As a result, we now have the key protections from both bills we focused on this session. This is a good bill, and one that will make a difference in the lives of countless Oregonians.

We’d like to offer a huge “THANK YOU” to all of you who made calls to your legislators, and also to the sponsors and endorsers of these bills. This win would not have been possible without the early support and sustained leadership of Senators Diane Rosenbaum, Brian Boquist and Lee Beyer and Representative Tina Kotek. Clearly, it takes a majority to pass a bill, but getting this legislation to the floor was due to the work of a few dedicated lawmakers. We would also like to thank Representative Gene Whisnant, who came a long way on this issue, and then almost single-handedly turned his caucus around. Please click here for a list of organizations that fought hard to win this battle.

The bill will now go to Governor John Kitzhaber. After he signs it, banks will have 90 days to implement the changes. Stay informed on the latest around the legislation, including how it may benefit you, through our messages, or by visiting us on Facebook or Twitter.

EFO's Angela Martin celebrates last night's win with friends from Oregon Law Center, Neighborhood Partnerships and HSCO.

Our consumer advocacy is funded by donations from the public. Please consider making a contribution to help us continue our work fighting for the financial rights of Oregonians!

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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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