(STATEHOUSE) Feb. 5, 2008 - House Bill 1360, a bill co-authored by state Rep. Mike Murphy to help homeowners avoid foreclosure advanced to the Senate last week. The bill, if successful, would add services to support those homeowners with mortgage troubles and questions, in addition to requiring mortgage lenders to better inform customers and make information more transparent and available to mortgage customers and the general public.
For many years, Rep. Murphy has worked toward creating greater support for homeowners facing mortgage problems and advocated holding mortgage companies to higher standards of ethics and care for Hoosiers seeking to own their own home. While he would have liked to have seen greater provisions to confront Indiana's foreclosure crisis, he believes this bill is a step in the right direction.
"We cannot afford to put off this problem any longer. For years, we have been told that market forces will regulate growing number of foreclosures. We have been told that the status quo is fine," said Rep. Murphy. "At this point, none of us can deny the need for action. Nearly one in four Indiana homes is at risk of foreclosure. Nationwide, the rate of foreclosure has increased about 75 percent.
"Many lobbyists claim taxpayers are not affected by the foreclosure crisis, but recent studies have shown different. This crisis is not just affecting investors, it has already cost half a million dollars in taxpayer revenue. This bill will do some good to accomplish our goal of helping constituents avoid foreclosure, and hopefully, it will inspire us to greater action in the future," Rep. Murphy added.
HB 1360 will now move to the Senate for amendment and vote before returning to the House for final vote.
Rep. Murphy encourages local constituents to contact him with questions or concerns through e-mail at email@example.com, by calling the Statehouse toll-free at 1-800-382-9841 or by writing him at 200 W. Washington St, Indianapolis, IN 46204.