State houses tackle the housing crisis
Across the country, state legislatures are tackling issues related to the nation's continuing housing crisis. Bills range from protecting tenants swept into the foreclosure process unwittingly to states seeking to create (or amend) mandatory or voluntary foreclosure mediation laws. Last fall's robo-signing scandal is showing up in capitols as lawmakers demand many in the mortgage servicing industry provide more proof they, in fact, have the right to foreclose. In many situations, this is translating into the requirement that servicers be prepared to file more documents at the courthouse. Although a majority of bills relating to the housing finance industry appear poised to enact more restrictions on the industry, at least one state is going after homeowners who willfully damage their home after it has been repossessed by the bank — making such a crime a felony. This month, HousingWire takes a look at some of the key bills under debate in Senate and House chambers across the country. We have and will continue to cover many of these bills daily on our website: HousingWire.com. Check there to get the latest, as bills work their way through the legislative process to become law — or to die in committee.