States Take Action To Help Mortgage Borrowers

October 16, 2007

Some of the most effective efforts to keep homeowners in their homes and out of foreclosure comes from actions taken on the state level, according to the National Governors Association Center for Best Practices.

Several states have passed legislation to strengthen consumer protection, impose harsher penalties on predatory lenders and provide access to education and counseling for homeowners, the organization said. Other strategies include the creation of foreclosure-prevention funds and the adoption of regulatory guidelines for subprime and non-traditional mortgages.

In many states, task forces have been created in order to identify the impact of foreclosures in their state and come up with solutions. "Through our association, states are working to find effective ways to protect consumers and prevent foreclosures," said Michigan Governor Jennifer Granholm, chair of the National Governors Association’s Economic Development & Commerce Committee.

source: Jim Woodard

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