Maryland Governor Signs Bill To Check Foreclosures
Filed under: Foreclosures
The report from Maryland is that there are three reform bills in the offing aimed to hit at foreclosures. One such bill was signed by Governor O’Malley (Democrat). It would make fraudulent lenders to be charged for criminal activities. Another measure will increase the time before foreclosures can become effective from 15 to 150 days. The third step targets mortgage rescue scammers wherein the house owners unknowingly sign away their title deed being assured by the con men that soon they will be able to get back their houses. All three measures will be enforced immediately.
It was not difficult to make the law makers agree to the three steps. With foreclosures on the rise and adversely affecting all sections of society including issues like taxes, vote banks, criminal activities and health, they were eager to kick off on action. In 2007 Maryland registered 9,000 foreclosures and the apprehension according to O’Malley is that that in the current year the number will cross 25,000. During the last quarter of 2007 four counties in Maryland saw double the number of foreclosures as compared to the same quarter in the previous year.
O’Malley commented that all through the country there is reigning ‘an unprecedented crisis’ triggered off by the rising numbers of foreclosures. He invited over dozen foreclosure victims to a ceremony held in the State House to mark the signing of the bills into law. The Governor however admitted that the measures are inadequate – more help is needed. He wanted the people to understand that the authorities were doing their level best. More steps are being mulled over. The most important step that is yet to become law is about consumer counseling. In all probability it will be a 30-minute interview over the phone for at-risk borrowers with loans involving only the interest and other types of adjustable rate mortgages wherein the rates go up dramatically. The administration is supporting the bill that is waiting in the wings, said Thomas Perez, the secretary of the Department of Labour, Licensing and Regulation. The latter body oversees the work of mortgage lenders.
The bill on counseling will not become effective until sufficient number of counselors is hired in keeping with the rising demand. The State is capable of handling the pressure, said David Skinner, secretary of Housing and Community Department if more support in the form of grants comes in from the Congress.
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April 7th, 2008 at 2:39 pm
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April 7th, 2008 at 3:05 pm
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April 7th, 2008 at 3:49 pm
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April 7th, 2008 at 3:51 pm
[...] saman wrote an interesting post today onHere’s a quick excerptThe report from Maryland is that there are three reform bills in the offing aimed to hit at foreclosures. One such bill was signed by Governor O’Malley (Democrat). It would make fraudulent lenders to be charged for criminal activities. … [...]