|
FOR IMMEDIATE RELEASE |
|
|
State
Rep. Michael McGeehan |
|
House gives unanimous ‘thumbs up’ to McGeehan mortgage reform bill
HARRISBURG, April 8 – The state House today voted unanimously to send to the Senate a bill sponsored by Rep. Mike McGeehan, D-Phila., that would give the public access to information about unscrupulous mortgage lenders.
The bill (H.B. 1082) is part of a package of measures that would address many of the root causes of the mortgage and foreclosure problems affecting a large number of Pennsylvania residents. The bills are designed to ensure that homeowners and homebuyers are not exposed to harmful lending practices, as well as attempt to make the mortgage marketplace more predictable and secure.
McGeehan said his measure would allow the Banking Department to publicize an order or fine that is issued against a mortgage lender as soon as it is issued. Currently the department is prohibited from releasing information until all administrative and court appeals are exhausted, which can be an extended process. The delay allows potentially unethical brokers to continue victimizing more consumers in the interim.
"The language of my bill has been agreed to by bankers, credit unions and the Banking Department to ensure that it maximizes consumer protection," McGeehan said. "I introduced this legislation nearly a year ago and, unfortunately, the recent headlines about unethical and ill-advised mortgage practices have further proven the need for us to ensure that homebuyers don’t get taken advantage of."
McGeehan added that he expects the bipartisan support for the mortgage reform package shown in the House to carry over to the Senate and result in the bill being sent to the governor’s desk well before the legislature’s summer recess.
###jp/2008/agh
l:'print'releases'mortgage.173
|
|