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Morning update: Day 17

Post by Jordan Schrader / The News Tribune on Jan. 26, 2011 at 8:43 am with 2 Comments »
January 26, 2011 8:43 am

Good morning on Day 17 of the legislative session.

  • Mediation for homeowners facing foreclosure and their banks is the goal of two bills that have hearings today. Public testimony has started in  House Judiciary and is planned later in the day in Senate Financial Institutions. House Bill 1362 from Rep. Tina Orwall and Senate Bill 5275 from Sen. Adam Kline would require lenders to have an in-person meeting with borrowers facing foreclosure, review homeowners’ finances and set up loan modifications if they are eligible. The director of Nevada’s mediation program, on which the bills are based, will testify at the hearings.
  • Senate Transportation holds a hearing on SB 5016, sponsored by Sen. Scott White, that would prohibit smoking in cars with child passengers. In 2010, a similar bill was introduced but did not make it out of the House.
  • A bill meant to prepare for an oil spill in Puget Sound is up for a public hearing in Senate Natural Resources.
  • Senate Higher Education will hear a bill that would create one 19-member board of regents for the state college and universities. The board would be able to establish admissions requirements, set up new departments and develop department curriculums.
  • House Public Safety will hear a bill, requested by Attorney General Rob McKenna, that would make it a class-C felony to steal mail, meaning that the maximum penalty for doing so would be five years in prison and a $10,000 fine.
  • The National Federation of Independent Business is holding its annual lobbying day in Olympia, which will focus on small business needs in the state.
Leave a comment Comments → 2
  1. WashPIRG says:

    As a consumer watchdog group, the Washington Public Interest Research Group is very concerned about a troubling trend in our state and across our nation – people losing the single largest investment of their lives without ever having the opportunity to sit down face-to-face with someone who has the authority to help them avoid foreclosure.

    Foreclosure is a failure for everyone involved – for the family losing their home, for a bank that ends up with unwanted property on their balance sheet instead of a steady revenue stream in the form of a mortgage payment, and for entire communities where the ripple of the foreclosure crisis is harming neighboring house prices, creating unsafe and hollow communities, and is eliminating revenue for vital public services.

    Unfortunately, some mortgage holders are short-sighted in how they view the foreclosure process – in the short run, robo-signing and other automated foreclosure techniques are faster and cheaper than a mediation process. But as is true with most things in life, it takes time to do something right.

    Mediation is working on other states, where up to 60 percent of troubled homeowners who use mediation actually get to sit down with a real, live person from the bank and work out a plan to keep their home.

    Homeowners in our state should be entitled to the option of a mediation process – SB-5275 and HB-1362 are good public policy for everyone.

    Steve Breaux
    WashPIRG

  2. hintonlois says:

    If you are in a home and want to refinance, 2 things are absolutely key. First, you must have meaningful equity in your home. Second, you must have a good credit score. But in this economy if you do not have both of them still you could get a good rate, Search online for “123 Mortgage Refi” they gave me the lowest rate of 3.45% my credit history is not so good.

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