FERLO PLEASED WITH MORTGAGE FORECLOSURE BILLS PASSAGE

            HARRISBURG, March 11 - State Sen. Jim Ferlo (D-Pittsburgh) today commended his colleagues in the Senate for their unanimous passage of mortgage foreclosure legislation.

            Ferlo co-sponsored of the package of bills that would protect homeowners from unscrupulous lenders and better enforce home mortgage laws.

            “I am very pleased with the bipartisan support this package of bills received in the Senate,” Ferlo said.  “I will urge my colleagues in the House of Representatives to act quickly on these bills so that we can begin to better protect Pennsylvania families from predatory lenders.”

            Ferlo said the bills would:

-          increase the maximum interest cap to $200K for residential mortgage loans;

-          permit the Department of Banking to release information on pending enforcement actions and fines against non-depository licensees;

-          require licensees to use a national electronic licensing system and obtain criminal history checks.

-          expand the state Board of Certified Real Estate Appraisers from seven members to 11;

-          improve mortgage oversight and give PHFA more flexibility to accept late payments, make compromise mortgage payoffs and set interest rates on loans;

-          strengthen enforcement actions against real estate appraisers who perform fraudulent work; and

-          require licensees to complete continuing education.

“These common sense bills would ensure that Pennsylvania consumers are better protected from predatory lenders and mortgage foreclosures,” Ferlo said. “I would like to thank Sen. Pat Browne for his cooperation and commitment to this legislation, and I would also like to commend Department of Banking Sec. Steve Kaplan for continuing the good work started by former Sec. Bill Schenck.”

The Allegheny County lawmaker has also teamed with the Association of Community Organizations for Reform Now (ACORN) to host a “Homeownership and Foreclosure Prevention Fair.”  The free public event will be held Saturday, March 29 from 11 a.m. to 4:30 p.m. in the 31^st floor community room at the Regional Enterprise Tower, 425 6^th Ave. in Pittsburgh.