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O'Malley to propose mandatory mediation

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Gov. Martin O'Malley (D) says mandatory mediation could help more unemployed Marylanders stay in their homes and he'll ask the General Assembly to pass a bill this winter to force banks to work out deals with distressed homeowners.

Speaking in Laurel, where he declared the Prince George's city "capital for a day," O'Malley donned sunglasses for an outdoor cabinet meeting and said it was time for the state to take the next step in efforts to control foreclosures.

O'Malley had previously signaled support for mandatory mediation -- a measure passed in recent months by a handful of states, including Connecticut and Florida. But in response to questions from Sen. James C. Rosapepe, (D-Prince George's), O'Malley went further than he had to date, saying he would work to pass a bill and hoped lawmakers would join him.

The governor also continued an attack he began early this year on Wells Fargo, calling the banking giant's conduct in residential foreclosures in the state deplorable.

In his State of the State address in January, O'Malley said "some companies like Wells Fargo continue to ignore this crisis, with no regard for the hardworking families of our state. Rather than stepping-up-to-the-plate -- let alone even picking up the phone -- for our most vulnerable neighbors, they choose short term profit over long-term homeownership."

On Monday, O'Malley turned toward several television cameras and said "Wells Fargo's still the worst. For anyone watching, Wells Fargo's still the worst."

By Aaron C. Davis  |  October 26, 2009; 3:47 PM ET
Categories:  Aaron C. Davis  
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Comments

I am so happy to see our Govenor stepping up to the plate with respect to these selfish lenders. We all need to be voiceful with respect to letting our elected official know how willing or not willing lenders are assisting homeowners to stay in their home. I have two lenders. I have a first and second trust with Amtrust and Aurora. Aurora seems to be less likly to assist in any programs that will be beneficial to me staying in my home. I am very disgusted with Auroa and their lack of compassion for the borrower. As a consumer I am keeping track with the lenders who have done nothing to help. Aurora would be first on my lsit to never use again.

Posted by: success2win2004 | October 27, 2009 2:05 PM | Report abuse

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