Valley senator introduces bill to protect homeowners
Fri, 11 Mar 2011 05:33:36 GMT —
Senator Eddie Lucio Jr. has filed a package of measures that would give greater protections to homebuyers.
Lucio filed SB 1319 and SB 1320 on Wednesday.
Lucio tells Action 4 News, Its language that will protect the homebuyer".
The two separate senate bills have one goal in mind.
Both of those bills will work together in making sure that people don't lose their homes", said Lucio.
Senate Bill 1319 addresses abusive loan servicing practices by non-federally related mortgage loan providers.
If passed, SB 1319 would require lenders to provide monthly statements, expand refinancing options, respond quickly to borrowers' requests for information nd maintain reasonable late charge policies.
"The experts tells us that would close a loop hole that exists in having these un-regulated mortgage companies that are just pro-profit", said Lucio.
Lucio goes on to say, These are bad loan servicing practices that take place every day, and we see the foreclosure crisis nationwide because of unregulated mortgage companies like these".
Juanita Valdez Cox, Director of La Union Del Pueblo Entero tells Action 4 News, "We were very happy to hear that Senator Lucio has introduced this legislation", said Cox.
"LUPE is an organization that represents many low income families", said Valdez-Cox.
Valdez- Cox says she's knows the horror stories first hand of people who have been taken advantage of when trying to buy a home.
While senator Lucio's bills continue to be debated in Austin, agency's like LUPE will be keeping a close eye on what happens next.
Senator Lucio says he's excited about the legislation, and expects hearings to move forward on the bills in Austin sometime at the beginning of next month.