Bill Text: PA HR238 | 2011-2012 | Regular Session | Introduced

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Bill Title: Directing the Legislative Budget and Finance Committee to examine the causal factors of home foreclosure in this Commonwealth and make recommendations on best practices for mitigating foreclosure.

Spectrum: Moderate Partisan Bill (Democrat 24-3)

Status: (Introduced - Dead) 2011-04-25 - Referred to COMMERCE [HR238 Detail]

Download: Pennsylvania-2011-HR238-Introduced.html

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PRINTER'S NO. 1595
THE GENERAL ASSEMBLY OF PENNSYLVANIA
HOUSE RESOLUTION
No. 238 Session of2011
INTRODUCED BY DAVIS, McGEEHAN, BISHOP, BRENNAN, V. BROWN, BURNS, CALTAGIRONE, D. COSTA, DAVIDSON, FABRIZIO, FREEMAN, GERGELY, JOSEPHS, KORTZ, KULA, MURT, M. O'BRIEN, PASHINSKI, PAYTON, READSHAW, SAMUELSON, SCAVELLO, STABACK, THOMAS, WAGNER, WATSON AND WHEATLEY, APRIL 25, 2011
REFERRED TO COMMITTEE ON COMMERCE, APRIL 25, 2011
A RESOLUTION
Directing the Legislative Budget and Finance Committee to
examine the causal factors of home foreclosure in this
Commonwealth and make recommendations on best practices for
mitigating foreclosure.
WHEREAS, Section 412-C of the Housing Finance Agency Law
stipulates that the Pennsylvania Housing Finance Agency (PHFA)
monitor foreclosure activity and trends in this Commonwealth by
using data and information accumulated from notices and
applications for emergency mortgage assistance; and
WHEREAS, In 2005, at the behest of PHFA and the Department of
Banking, The Reinvestment Fund (TRF) completed a study of
mortgage foreclosures in Pennsylvania; and
WHEREAS, The study conducted by TRF revealed that a
disproportionate number of foreclosed properties manifest a
pattern of predatory lending; and
WHEREAS, The study conducted by TRF concluded that although
Pennsylvania's foreclosure rates had decreased by the fourth
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quarter of 2006, Pennsylvania's high percentage of seriously
delinquent prime loans during the fourth quarter of 2006 was
indicative that many foreclosures lie ahead in the immediate
future; and
WHEREAS, While the General Assembly has enacted laws, such as
the Loan Interest and Protection Law (Usury Law) and Act 91 of
1983, in an effort to mitigate foreclosures, only a minority of
homeowners are able to reap the benefits as set forth in those
laws, resulting in the exclusion of the most vulnerable
homeowners; therefore be it
RESOLVED, That the House of Representatives direct the
Legislative Budget and Finance Committee to conduct a study of
foreclosures in this Commonwealth; and be it further
RESOLVED, That the Legislative Budget and Finance Committee
seek input from those groups most likely to make insightful
contributions, such as representatives of banks, realty
companies, county sheriffs, foreclosure mitigation programs,
social services agencies, offices of unemployment compensation
and academia; and be it further
RESOLVED, That the Legislative Budget and Finance Committee
include the following in its study:
(1) Whether there has been an increase in home
foreclosures since the 2006 study completed by The
Reinvestment Fund.
(2) The varying rates of foreclosure by county.
(3) Whether a specific demographic is impacted more
severely by foreclosure.
(4) The correlation between rising unemployment rates
and foreclosure.
(5) The extent to which current Pennsylvania law
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effectively mitigates foreclosure.
(6) Recommendations as to legislation that will refine
the criteria by which mortgagors are considered and approved
for prime and subprime loans;
and be it further
RESOLVED, That the Legislative Budget and Finance Committee
hold public hearings as necessary to receive testimony about any
of the subjects enumerated in this resolution; and be it further
RESOLVED, That the Legislative Budget and Finance Committee
report its findings and recommendations to the House of
Representatives no later than November 30, 2012.
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