Local California Legislator Wants To Bill Banks For Foreclosures:

Bill the Banks for Foreclosures? Interesting idea. Sounds like a "PASS IT ON" idea worth considering by all states. Re-blog of post from Lorraine and Loretta

A Democratic legislator from San Fernando Valley (which is north of San Diego, California approximately 103 Miles).

Wants banks to pay $20,000 for each future foreclosure in California a proposal that could generate $10 billion for the state in the next two years. Assemblyman Bob Blumenfield in a fact sheet calls the fee a "community reimbursement" for substantial losses in time and property taxes, which have forced local governments to cut services and programs.

Bankers need an incentive to keep families in their homes Blumenfield said. They helped create the foreclosure crisis by making bad loans and must bear some burden in solving this problem. Fair is fair. This bill will help California rebuild our communities through creating a new wave of investment in our prosperity.

The money would be distributed to local governments, to fund education, public safety, redevelopment, foreclosure prevention and small business loans, each area getting 20 percent of the revenue generated.

A handful of homeowner advocate groups have supported the measure while those in the mortgage industry largely oppose it.

Blumenfield is looking to propose this idea in about a week.

 

 

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Lorraine or Loretta

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0 commentsBobbie Smith • April 19 2011 08:42AM

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