PRESS ANNOUNCEMENT

MARCH 5, 2012                                                                     

Rep Matt Wand (R-Troutdale): 503-986-1449

Rep. Gene Whisnant (R-Sunriver): 503-986-1453

Legislature reaches agreement to help Oregon homeowners

Bill provides mediation, increased counseling, and “dual track” solution

Salem OR – Legislators agreed to a non-partisan bi-chamber compromise to help Oregon home owners stay in their homes on Monday. 

“I’m pleased we’ve completed this session with legislation to help Oregon’s distressed homeowners,” said Rep. Matt Wand (R-Troutdale). “This bill ensures homeowners have access to services, while allowing them to pursue mediation at no charge.”

The agreement provides for a number of foreclosure protections.  It requires a mandatory face-to-face meeting between homeowners and banks, with a third party mediator present to help negotiate alternatives to foreclosure.  Before mediation, homeowners will meet with a housing counselor from Oregon Housing & Community Services to discuss the options available to the homeowner.  The proposal also ends the dual track process that allowed banks to renegotiate terms of the loan while pursuing the foreclosure process at the same time. 

“We need to keep people in their homes with jobs to pay their mortgages,” said Rep. Gene Whisnant (R-Sunriver).  “This bill is the result of the art of negotiation with compromise.  This bill is not the bill that was first read in the House two weeks ago.” 

“This bill protects Oregon homeowners from unreasonable foreclosure practices,” said Rep. Wand.  “It’s a good compromise, and will help keep homeowners in their homes.” 

Rep. Whisnant stated, “Rep. Holvey and I will evaluate this policy in our General Government and Consumer Protection Committee with inputs from public and private entities impacted by this bill to see if action is required in 2013 to deliver the intended help to distressed homeowners.” 

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