Oregon Legislature tackles foreclosures
Monday, February 6, 2012
SALEM, Ore. (AP) -- The Oregon Legislature is considering several measures aimed at helping homeowners facing foreclosure.
One proposal would require lenders to meet with borrowers and professional mediators before they could foreclose. Another would outlaw a practice known as the "dual track," in which lenders work on loan modifications and foreclosure processes at the same time.
Those ideas are advancing in the Senate, but they face an uncertain future in the House, where key Republicans say they're skeptical of adding regulations for financial institutions.
Lenders oppose the bills, saying new regulations would harm small banks and credit unions. They say it's in their best interests to help homeowners stay in their homes.