• Home
  • News
    • Politics & Government
    • Business & Economy
    • Crime / Courts
    • Health / Medicine
  • Sports
    • High School Sports
    • Radio Iowa Poll
  • Affiliates
    • Affiliate Support Page
  • Contact Us
    • Reporters

Radio Iowa

Iowa's Radio News Network

You are here: Home / Legislators introduce trio of bills involving mortgage crisis

Legislators introduce trio of bills involving mortgage crisis

February 25, 2009 By admin

A trio of Democratic legislators are touting a trio of bills which they say will help address the mortgage crisis. One bill sets up a new, $5,000 penalty if a mortgage broker fails to disclose to the borrower any fees or key details a on home loan.

Representative Paul Shomshor, a Democrat from Council Bluffs, says it’s similar to the disclosure standards in other professions. "It’s not a cure-all for every foreclosure in this country," Shomshor says, "but we think it’s some disclosure to the borrower that could be very helpful."

Representative Larry Marek, a Democrat from Riverside, is sponsoring a bill which would forbid foreclosures on reserve soldiers’ homes while they’re on active duty. That foreclosure prohibition already exists for active duty National Guard soldiers and those in the regular military.

"I’ve served in the National Guard myself, a number of years ago, Since I’ve served, my unit has gone to Iraq at least twice and they’ve gone to protect our interests, so the least we can do is to protect their interests when they get home," Marek says. "They need time to recover and they don’t need to be pressed with losing a house."

Marek’s foreclosure prohibition, however, does not extend to the first months of a reserve soldiers’ return to civilian life and only applies to their time on active duty. Representative Phyllis Thede, a Democrat from Bettendorf, is sponsoring a bill which would require lenders to give borrowers the number of the Iowa Mortgage Foreclosure Hotline when a bank or other financial institution starts to foreclose on a home.

"And hopefully this will provide some relief to families that are going through this very serious crisis," Thede says. In February of 2008, the Iowa Attorney General converted the Iowa Concerns Hotline into the Iowa Mortgage Helpline.

In the past year, the hotline’s operators have taken about 5,500 phone calls and almost 4,000 Iowans have sought help in dealing with a home foreclosure. About one-quarter of the borrowers the attorney general’s staff worked with got modications in their loans.

The hotline number is 877-622-4866, or you can go to the  Iowa Mortgage Hotline .   

Share this:

  • Facebook
  • Twitter

Filed Under: Uncategorized Tagged With: Democratic Party, Legislature

Featured Stories

Governor signs child care expansion into law

Iowa seniors have until July 1 to apply for new property tax break

Smoke from distant fires creates colorful sunrise in Iowa

DOT’s Motor Vehicle Enforcement Division to merge into State Patrol

Iowa’s governor approves liability limits for trucking industry

TwitterFacebook
Tweets by RadioIowa

Iowa names Beth Goetz interim AD

Cyclone Trio Invited to USA Basketball U19 Training Camp

Cameron Young to compete at the John Deere Classic

Radio Iowa/Baseball Coaches Association High School Poll 5/29/23

Iowa AD Gary Barta announces retirement

More Sports

Archives

Copyright © 2023 ยท Learfield News & Ag, LLC