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A bill that would force mortgage lenders
into negotiations with struggling homeowners gets its first look in
a Minnesota Senate panel on Tuesday.


      The Homeowner-Lender Mediation Act would prevent some
foreclosures by giving homeowners another chance to work out loan
terms.


      The bill would require lenders to negotiate interest rates,
principal and repayments periods with interested homeowners before
foreclosing on homes.


      The Senate Committee on Commerce and Consumer Protection will
hear the bill sponsored by its chairwoman, Sen. Linda Scheid
(shyde). Attorney General Lori Swanson modeled the proposal on a
farmer-lender mediation law from the 1980s farm crisis.


      Mortgage industry representatives say it will be difficult to
determine who has ownership to renegotiate mortgages that have been
securitized and sold to multiple investors.

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Politics and Government News

A bill that would force mortgage lenders
into negotiations with struggling homeowners gets its first look in
a Minnesota Senate panel on Tuesday.


Minn. bill aims to prevent some foreclosures

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