Bob Springmeyer, the good jobs, good education, good health, good government candidate for Utah governor, today called for an Emergency Foreclosure Reduction Program, to improve Utah's foreclosure process, eliminate rate-spread premiums, and increase mortgage loan transparency. Springmeyer is seeking to prevent more than 6,500 foreclosures valued at over $1.7 billion by encouraging the Utah Department of Financial Institutions to work with borrowers and lenders to coordinate alternative outcomes to foreclosure, at no cost to taxpayers.
"Foreclosures resulting from the mortgage crisis are impacting Utah residents statewide, with devastating impacts on children and families," said Springmeyer. "Losing one's home is a catastrophic event, with substantial downstream effects on our economy. I am committed to pursue solutions to this important problem, rather than simply let the status quo run its harmful course."
The following are totals as of September of residential properties with default notices during the past year, in select counties:
Weber County - 468 residences valued at $86 million
Davis County - 996 residences valued at $226.7 million
Utah County - 1,147 residences valued at $333.07 million
Salt Lake County - 3,584 residences valued at $932.13 million
Washington County - 761 residences valued at $247 million
Total - 6,488 residences valued at $1,738.92 billion
The program Springmeyer is proposing will also: - Require lenders to issue a written notification to delinquent borrowers and the Department of Financial Institutions at least 45 days before executing foreclosure proceedings;
- Direct the Department's staff to work with homeowners and lenders during that 45-day period to facilitate dialogue among mortgage companies, housing counselors, community groups, and state agencies and negotiate options to avoid foreclosure, such as loan modifications;
- Allow the Financial Institutions Commissioner to extend any foreclosure filing notice by up to 30 days if, after a thorough review of the homeowner's loan and unique circumstance, there is a reasonable prospect of solution;
"The program is especially designed to assist homeowners victimized by exploitive subprime mortgages," said Springmeyer. "So far, there is no sign that Huntsman and other Utah Republican leaders are ready to step up and take decisive action in these troubling times for Utah families."
Bob Springmeyer, who has encouraged best practices in business and local government in over thirty years as a management consultant, is seeking election as Governor with his running mate, retired SBA executive Josie Valdez. Springmeyer and Valdez are running on a platform of better government, better education, better jobs, and better healthcare. For more information, visit http://rs6.net/tn.jsp?e=001sxwKGtQrKlZTWkqFg7Hd9hIyxs_5EwNe2wYL7ACKWx3FvA0Q_n4bS3fcQCDMKOq8UlaecrQ5oeprjGg-GF-36zjk4kjOE5swXh4jgiWluCvHfs67dlvn1Q==.
