Oregon House approves foreclosure measure
Monday, March 5, 2012
SALEM, Ore. (AP) -- The Oregon House has approved a measure intended to give relief to struggling homeowners facing foreclosure.
Lawmakers unveiled a last-minute compromise Monday afternoon, culminating weeks of on-again-off-again negotiations just hours before the Legislature was expected to adjourn for the year.
The measure would allow distressed borrowers to demand a meeting with their lender and would prohibit the so-called "dual track," in which lenders simultaneously work toward a loan modification and a foreclosure.
The House's approval Monday evening sends the measure to the Senate, which was expected to approve it later in the night.