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Their View: State foreclosure modification bill unnecessary


As a community banker in New Mexico for over three decades, I am compelled to respond to recent news articles and opinion pieces which overstate the level of the current problems related to mortgage foreclosures in New Mexico. These articles suggest additional legislation is needed to further regulate foreclosures in our state. Unfortunately, the unintended consequence of such legislation may ...


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Print   Email   Font ResizeTheir View: State foreclosure modification bill unnecessary By Samuel SSpencer Jr/ For the Sun-News Posted:   02/02/2012 05:09:09 AM MST var requestedWidth = 0; if(requestedWidth > 0){ document.getElementById('articleViewerGroup').style.width = requestedWidth + "px"; document.getElementById('articleViewerGroup').style.margin = "0px 0px 10px 10px"; } As a community banker in New Mexico for over three decades, I am compelled to respond to recent news articles and opinion pieces which overstate the level of the current problems related to mortgage foreclosures in New MexicoThese articles suggest additional legislation is needed to further regulate foreclosures in our stateUnfortunately, the unintended consequence of such legislation may actually make it more difficult for future homeowners to qualify for a home loan. The last thing any banker wants is for a bank customer to lose his or her homeNo one is well served or profits when a foreclosure occursFamilies are displaced and the foreclosure process is expensive and lengthyBanks do not profit, homes sit empty and neighborhoods suffer. The recent national recession has placed some individuals in a situation where they simply cannot pay their monthly mortgage paymentWe are fortunate in New Mexico, however, as New Mexico continues to experience fewer foreclosures than many of our neighbors in the West and Southwest. By far the vast majority of mortgage loans in the country are serviced by a few large financial institutions, and this is also true in New MexicoAs a result of legal action by the 50 state attorneys general, consent orders were issued requiring the 14 largest mortgage loan servicers to correct deficient foreclosure practicesRecently, the Office of the Comptroller of the Currency released details of the steps these loan servicers are taking to comply with these orders.Advertisement

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