Foreclosures Push States to Try a Mix of Solutions

New York Times (04/16/08) P. A14; Leland, John
A recent survey by the Pew Charitable Trusts shows that 20 states have responded to the foreclosure crisis with intervention programs; while counseling hotlines have been created in 13 states, including Minnesota and Colorado. Additionally, task forces were established in 14 states; and $450 million in emergency or refinancing funds has been raised in nine states. Other actions taken by state governments include partnering with the Homeownership Preservation Foundation to provide counseling and delaying the foreclosure process. Maryland recently passed legislation that prohibits prepayment penalties; and Colorado, Maine, Massachusetts, Minnesota, North Carolina and Ohio are among the states approving legislation that would impose stricter lending standards.