Posted by (+10015) 7 years ago
Homeowners burned by mortgage scandal cry foul on Legislature
It isn’t easy to talk about filing for bankruptcy or losing your home, but as Montana’s Legislature moves to make it more difficult for homeowners to sue the mortgage industry for deceptive practices, tongues are loosening up.
Montana Senate lawmakers have passed two bills to undo a landmark court ruling that benefited homeowners who sued big banks for mishandling mortgages. Such lawsuits often involve big banks making multiple fraudulent statements that lead distressed borrowers to assume their homes are being saved, while they’re actually sliding into foreclosure.
One of the bills would let banks off the hook for fraudulent statements. The other would limit the damages borrowers can collect.
In Montana, more than 1,000 homeowners have either inquired or filed complaints with the attorney general over similar banking issues.
...
Senate Bills 280 and 281 were presented by Republican Sen. Eric Moore, a Miles City feedlot operator, as bad for small business, though he did acknowledge the Supreme Court’s ruling on a mortgage case as being the reason for the bills. Moore will present the bill Thursday to the House Business and Labor Committee.
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Read more: http://billingsgazette.co...78ffc.html
It isn’t easy to talk about filing for bankruptcy or losing your home, but as Montana’s Legislature moves to make it more difficult for homeowners to sue the mortgage industry for deceptive practices, tongues are loosening up.
Montana Senate lawmakers have passed two bills to undo a landmark court ruling that benefited homeowners who sued big banks for mishandling mortgages. Such lawsuits often involve big banks making multiple fraudulent statements that lead distressed borrowers to assume their homes are being saved, while they’re actually sliding into foreclosure.
One of the bills would let banks off the hook for fraudulent statements. The other would limit the damages borrowers can collect.
In Montana, more than 1,000 homeowners have either inquired or filed complaints with the attorney general over similar banking issues.
...
Senate Bills 280 and 281 were presented by Republican Sen. Eric Moore, a Miles City feedlot operator, as bad for small business, though he did acknowledge the Supreme Court’s ruling on a mortgage case as being the reason for the bills. Moore will present the bill Thursday to the House Business and Labor Committee.
...
Read more: http://billingsgazette.co...78ffc.html