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October 27, 2009

In The Sun Today: O'Malley urging mediation before foreclosures

Program would ensure lenders renegotiate mortgages

More than a year after Maryland officials set out to quell the foreclosure crisis with some of the most aggressive prevention programs in the nation, the number of homeowners on the brink is again on the rise.

“We're not doing a heck of a lot better now than we were before,” Gov. Martin O'Malley said in a recent interview. “So we've got to try to do something different to try to get the numbers moving in a better direction.”

The O'Malley administration is working on a new tactic: using mediators to ensure lenders are making a good-faith effort to renegotiate more affordable loan terms, and to ensure homeowners understand those terms. The governor, a Democrat, plans to introduce legislation requiring mediation in foreclosure cases when the General Assembly convenes in January.

A number of states, including Nevada and Connecticut, and cities such as Philadelphia have implemented mandatory mediation programs.

O'Malley launched an all-out campaign against foreclosures last year. He pushed a reform package though the legislature and implemented state-backed loan programs. A public-service campaign urged troubled homeowners to call nonprofit housing counselors.

But those efforts had mixed results. For the full story, click here.

ALSO, Constellation Energy Group warns that if Maryland regulators place too many conditions on its $4.5 billion with a French utility, they could scuttle the entire deal and jeopardize a massive nuclear project in the state. Some conditions have been sought by O'Malley. Click here for the story.

Posted by Laura Smitherman at 11:30 AM | | Comments (1)
        

Comments

OweMalley 4-3-08:
“The financial security of our families as well as the strength and health of our communities depends on our ability to help preserve and sustain homeownership in our State. These bills help ensure that we keep people in their homes.”
OweMalley 10-27-09:
“We're not doing a heck of a lot better now than we were before,”

Pathetic

Posted by: james | October 28, 2009 12:30 PM

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About the bloggers
Laura Smitherman has been ensconced in the State House basement, writing about the governor, General Assembly and vagaries of Maryland politics for several years. An erstwhile business reporter, her interest in politics dates to her days in Washington when she covered Congress and national campaigns for another media outlet. She now follows a range of policy debates from slot-machine gambling to universal health care and energy regulation, while keeping an eye on the next election.

Paul West covers Washington for The Baltimore Sun, continuing a tradition that began the month the paper was born, in 1837. He hasn't been in the DC bureau that long--only since Ronald Reagan was president. He's covered Congress, the White House and presidential campaigns as the paper's national political correspondent and Washington bureau chief. He's on the lookout for news of significance to Sun readers at the other end of the B/W Parkway. That includes the activities of the state's congressional delegation and anything else that might shed some light on the inner workings of the nation's capital.

Julie Bykowicz's first days as a political reporter, in January 2009, coincided with Baltimore Mayor Sheila Dixon's indictment and the start of the Maryland General Assembly's 426th legislative session. She focuses on coverage of state agencies, such as social services, juvenile justice and prisons. During the session, she wrote about the death penalty, slots parlors and speed cameras, among other hot topics. Julie began political reporting after more than seven years on The Baltimore Sun's crime desk. She lives in Baltimore and works primarily in Annapolis.

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