Legislators in Utah are Trying to Find Ways to Bring down the Number of Foreclosures
For the third running year Utah ranks among the worst foreclosure affected states – the rate being high. Two state legislators are keen to take action. According to RealtyTrac, Utah ranked fifth with the highest foreclosure rate in the country in 2010. It calculated to a hike of 20% from the previous year and a jump of 119% from 2008. Out of every 29 houses in Utah one was in foreclosure.
The housing crisis is worsening in Utah and requires immediate attention said, Senator Ben McAdams (Democrat/Salt Lake). He said, “The reality is that we’ve got an unprecedented crisis that needs to be addressed and we want to do that in a way that is responsible. What I think we’re trying to do is restore transparency to the real estate process”.
The housing section has been vitiated with lack of transparency between the local residents who had taken loans from lenders coming from outside the state. The scenario has been further poisoned with the securitization of the mortgages with Wall Street having a big hand in the game.
McAdams said that it was not that it would be made compulsory for borrowers and lenders to reach an understanding. What was being aimed at by the legislature was that the borrowers should be able to reach the lenders and communicate with them.
McAdams said that the measures mulled over in Utah have produced good results in adjacent states that have also been weighed down by the foreclosure crisis. He explained, “What we’ve seen in Nevada is that a similar programme has had a significant ability to reduce the rate of foreclosures”.
McAdams was speaking at a forum sponsored by himself and Rep LaVar Christensen (Republican/Draper) to talks about the mortgage crisis in the state and to step up efforts to contain the increasing number of foreclosures.
Christensen said that the prime difficulty was the disconnection between the lenders and the borrowers – it being a yawning gap for many years; this has to change. He said, “All of the local leaders I’ve talked to seemed compassionate and understanding. Most of the homeowners have said, ‘If I could just talk to the person who is the decision maker and talk out solutions’”. In all likelihood this could lead to avoiding a good number of foreclosures.
Tags: foreclosure, Nevada, Utah; Legislators ; Foreclosures
For the third running year Utah ranks among the worst foreclosure affected states – the rate being high. Two state legislators are keen to take action. According to RealtyTrac, Utah ranked fifth with the highest foreclosure rate in the country in 2010. It calculated to a hike of 20% from the previous year and a jump of 119% from 2008. Out of every 29 houses in Utah one was in foreclosure.
The housing crisis is worsening in Utah and requires immediate attention said, Senator Ben McAdams (Democrat/Salt Lake). He said, “The reality is that we’ve got an unprecedented crisis that needs to be addressed and we want to do that in a way that is responsible. What I think we’re trying to do is restore transparency to the real estate process”.
The housing section has been vitiated with lack of transparency between the local residents who had taken loans from lenders coming from outside the state. The scenario has been further poisoned with the securitization of the mortgages with Wall Street having a big hand in the game.
McAdams said that it was not that it would be made compulsory for borrowers and lenders to reach an understanding. What was being aimed at by the legislature was that the borrowers should be able to reach the lenders and communicate with them.
McAdams said that the measures mulled over in Utah have produced good results in adjacent states that have also been weighed down by the foreclosure crisis. He explained, “What we’ve seen in Nevada is that a similar programme has had a significant ability to reduce the rate of foreclosures”.
McAdams was speaking at a forum sponsored by himself and Rep LaVar Christensen (Republican/Draper) to talks about the mortgage crisis in the state and to step up efforts to contain the increasing number of foreclosures.
Christensen said that the prime difficulty was the disconnection between the lenders and the borrowers – it being a yawning gap for many years; this has to change. He said, “All of the local leaders I’ve talked to seemed compassionate and understanding. Most of the homeowners have said, ‘If I could just talk to the person who is the decision maker and talk out solutions’”. In all likelihood this could lead to avoiding a good number of foreclosures.
Tags: foreclosure, Nevada, Utah; Legislators ; Foreclosures