Today DFL lawmakers, frustrated by Republican refusals to schedule a hearing on mortgage foreclosures, hold their own unofficial “peoples hearing” on a proposal for a 2 year moratorium on home foreclosures. Senator Scott Dibble and Representative Karen Clark say their bill would still require homeowners to continue paying, but only up to 41% of their income.
During the hearing, homeowner Peter Eisert of Excelsior said Wells Fargo went back on promises that they would modify his loan to avoid foreclosure. He says his home is worth $96,000 less than his mortgage and he’s had to file bankruptcy.
“A person should not have to file bankruptcy to keep their home,” Eisert told the Representative Karen Clark who was chairing the hearing.
People’s hearing on foreclosure moratorium including public testimony.
Press conference on the moratorium bill.