D.C. Council tackles home foreclosures
The D.C. Council passed an emergency bill requiring mortgage lenders to enter a 90-day mediation before foreclosing on a home, the Washington Examiner reports.
Introduced by council woman Muriel Bowser (D-Ward 4), the bill is designed to force lenders to provide homeowners with alternatives to losing their homes. Bowser said it was necessary that the council act quickly to slow down the number of residents being kicked out of their houses because they can't pay off their loans.
The bill passed unanimously on Tuesday is similar to a law enacted in Maryland this year, but Maryland's law has not had the effect lawmakers had hoped.
Read more at the Washington Examiner.
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Washington Post editors
| November 10, 2010; 10:47 AM ET
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DC
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Posted by: Jimof1913 | November 10, 2010 6:39 PM | Report abuse
Interest rates are simply incredible on mortgages right now. It's not uncommon to see 30 year rates down in low fours and 15 year rates in the threes. Week after week, the rates keep dropping If you are looking for rates in three then search online for "123 Mortgage Refinance"
Posted by: alvindrew11 | November 11, 2010 5:31 AM | Report abuse
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"...it was necessary that the council act quickly to slow down the number of residents being kicked out of their houses because they can't pay off their loans"
So the council is saying that homeowners who couldn't make their monthly mortgage payments should be protected from having to pay off their mortgages to keep their homes. Duhh!