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SB 415: IndyStar Weighs In On Settlement Conference Issue

I recently wrote about the bill making its way through Indiana's legislature that involves state-mandated residential foreclosure settlement conferences:  prior post.  Last Saturday's Indianapolis Star ran a lengthy article on the matter - "Bill could strip struggling Hoosiers of rights to save homes".  In February, the Star wrote a piece seemingly praising the bill - "New legislation would help cities address abandoned houses".  But SB 415 has since been amended to include the more controversial proposal to remove certain loss mitigation procedures, which have arguably been superseded by more recent federal protections.   

My understanding is that the bill is a hot topic at the Statehouse.  Indeed Indiana's Attorney General has been outspoken on the matter.   But, others say there has been some misunderstanding of the issue.  In fact, the Star quoted my partner Tom Dinwiddie , who is an advocate for the Indiana Mortgage Bankers Association:   

[the amendment] was supported by the Indiana Mortgage Bankers Association, a trade group that represents hundreds of mortgage lenders around the state. They say mortgage lenders should not have to deal with two different systems. Going through two processes is expensive, time consuming and unnecessary, the association said.

“The federal system was drafted by the Consumer Financial Protection Bureau and is much more comprehensive in its requirements than the current state requirements,” Tom Dinwiddie, a lawyer for the mortgage bankers group, wrote in an email.

When this year's session ends, I will advise as to how this turned out.

 

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