Oregon Legislature To Propose Laws Protecting Homeowners In Foreclosure Rescue Deals

In Salem, Oregon, Salem-News.com reports:

• Later this week, the [Oregon] House Consumer Protection Committee will introduce a [...] bill that will crackdown on fraudulent and abusive rescue-mortgage scams aimed at homeowners facing potential foreclosure. [...] To prevent further victimization of homeowners, Senate Democrats have endorsed three specific foreclosure reforms to be enacted in the February session: protecting homeowners from scams that promise a "rescue" from foreclosure, but actually take further equity from homeowners; a new requirement that homeowners facing foreclosure be provided with clear and understandable language about their rights and options; and new regulation of loan originators, who are currently unlicensed and free to target distressed homeowners with unsuitable refinancing offers. "Homeowners facing a foreclosure crisis need to be protected from scams," said Sen. Ben Westlund (D-Tumalo), chair of the Senate Commerce Committee. "We have an obligation to act."

For more, see Democrats Say Fairness for Homeowners Remains Focus for Senate (Legislation Introduced to Rein in Unlicensed Loan Originators).