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MN Senate Approves Bill To Slow Foreclosures

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May 5, 2008 3:59 pm US/Central

MN Senate Approves Bill To Slow Foreclosures

ST. PAUL (AP) ― The state Senate has approved a bill that supporters say would help up to 12,000 Minnesota homeowners avoid foreclosures and stay in their homes.

Legislators first started pushing their borrower relief act at the beginning of the legislative session but encountered opposition from Governor Tim Pawlenty.

Chief sponsor Senator Ellen Anderson says the legislation was altered to satisfy some of Pawlenty's concerns. She says it puts a focus on foreclosure counseling services and negotiations between lenders and homeowners.

But Pawlenty says he has not seen the new version of the legislation.

The Senate approved the bill 34-29 over the opposition of Republicans and some Democrats who say the bill is too wide-ranging and would put a burden on lenders. The House is likely to vote on it later in the week.

 

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