In July a new law will be in place to help homeowners with the Foreclosure Fairness Act. In HB 1362 says the state has seen a drop in its revenue due to unemployment, and this is a way to get attorneys and counselors to assist financially challenged owners in the negotiating process. Government should stop treating the symptoms and start treating the real problem…unemployment. The biggest benefactor from the housing ‘bubble’ was in fact the government. The feds, states, and local governments all made huge profits and grew from it, during the market boom. Hearings were held and the facts were pointed out about Fannie & Freddie, the truth fell on deaf ears.
Just one section of the 27 pages: NEW SECTION. Sec. 1. (1) The legislature finds and declares that: (a) The rate of home foreclosures continues to rise to unprecedented levels, both for prime and subprime loans, and a new wave of foreclosures has occurred due to rising unemployment, job loss, and higher adjustable loan payments; (b) Prolonged foreclosures contribute to the decline in the state's housing market, loss of property values, and other loss of revenue to the state;
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