I believe the first point of this Bill is to protect homeowners from situations, however, the Bill is also designed to ensure that Banks have their paperwork in order.
The only long-standing element of this Bill is to ensure banks comply with their administrative responsibilities.
Note that the spikes in home foreclosures are forcing housing values through the floor and also devaluing a primary tax base. We accept that foreclosures will happen, of course, but we need to stem the bleeding and pull back to take stock.
I'm needing to be convinced of the point of allowing banks to continue to foreclose when they no longer have ownership of that mortgage. At present I would not support the amendment.
The new owners would be able to foreclose on them if they have their paperwork in order? Otherwise I agree with trying to slow down the rate of foreclosures.
