Oregon Foreclosure Bill
6:06 am
Tue March 6, 2012

Oregon Lawmakers Agree On Foreclosure Bill

SALEM, Ore. – Oregon lawmakers wrapped up their 2012 legislative session after dark Monday night. One of the last bills they signed off on was a measure to slow the pace of home foreclosures. Salem Correspondent Chris Lehman reports.

The measure has two basic features: It sets up mandatory mediation between banks and borrowers. And it ends the so-called dual track process where a bank initiates a foreclosure while at the same time agreeing to a loan modification plan. The concept won approval in the Oregon Senate early in the session. But then the foreclosure legislation hit a wall in the state House. In the end the bill passed in the final hours of the session, to the relief of supporters like Democratic Representative Lew Frederick.

Frederick: "I am tremendously relieved that we're able to enact these common sense measures, and I will get over my disappointment that it took so long and had to be so hard."

As the session closed, Oregon lawmakers also passed a plan to rebalance the current state budget. They covered a $200 million hole by tapping surpluses in a few specialized accounts which will be used to pay for general government programs.

Copyright 2012 Northwest News Network