HARRISBURG,
March 11, 2008 - State Sen. Jim Ferlo
(D-Pittsburgh) today commended his colleagues in
the Senate for their unanimous passage of
mortgage foreclosure legislation.
Ferlo co-sponsored the
package of bills that would protect homeowners
from unscrupulous lenders and better enforce
home mortgage laws.
“I am very pleased with the
bipartisan support this package of bills
received in the Senate,” Ferlo said. “I will
urge my colleagues in the House of
Representatives to act quickly on these bills so
that we can begin to better protect Pennsylvania
families from predatory lenders.”
Ferlo said the bills would:
-
increase the maximum interest cap to $200K for
residential mortgage loans;
-
permit the Department of Banking to release
information on pending enforcement actions and
fines against non-depository licensees;
-
require licensees to use a national electronic
licensing system and obtain criminal history
checks.
-
expand the state Board of Certified Real Estate
Appraisers from seven members to 11;
-
improve mortgage oversight and give PHFA more
flexibility to accept late payments, make
compromise mortgage payoffs and set interest
rates on loans;
-
strengthen enforcement actions against real
estate appraisers who perform fraudulent work;
and
-
require licensees to complete continuing
education.
“These common sense bills
would ensure that Pennsylvania consumers are
better protected from predatory lenders and
mortgage foreclosures,” Ferlo said. “I would
like to thank Sen. Pat Browne for his
cooperation and commitment to this legislation,
and I would also like to commend Department of
Banking Sec. Steve Kaplan for continuing the
good work started by former Sec. Bill Schenck.”
The Allegheny County lawmaker
has also teamed with the Association of
Community Organizations for Reform Now (ACORN)
to host a “Homeownership and Foreclosure
Prevention Fair.” The free public event will be
held Saturday, March 29 from 11 a.m. to 4:30
p.m. in the 31st floor community room at the
Regional Enterprise Tower, 425 6th Ave. in
Pittsburgh. Ferlo said the fair would allow
homeowners to get personal help from non-profit
housing counselors and information about
refinancing opportunities.
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