Burley, Whisnant Buck Mortgage Reforms | The Wandering Eye | Bend | The Source Weekly - Bend, Oregon

Blogs » The Wandering Eye

Burley, Whisnant Buck Mortgage Reforms

A bill to make small reforms to the subprime mortgage lending industry narrowly passed the Oregon House yesterday, with no help from Central Oregon's two

by

2 comments

A bill to make small reforms to the subprime mortgage lending industry narrowly passed the Oregon House yesterday, with no help from Central Oregon's two Republican legislators.


The measure, HB 3603, squeaked by on a mostly party-line vote of 31-29. Three Democratic legislators defected, but three Republicans - Bill Garrard of Klamath Falls, John Lim of Gresham and Donna Nelson of McMinnville - crossed the aisle to give it the winning margin.

Reps. Chuck Burley of Bend and Gene Whisnant of Sunriver both voted no.

The bill (read the full text here) would set an expiration date for the prepayment penalties that borrowers have to pay if they refinance or pay off their mortgages early. It also would require mortgage lenders to disclose all the terms, fees and costs associated with loans. The mortgage industry's only hope of derailing the reforms now is in the Senate, where Democrats hold an 18-11 edge.

The win was seen as giving a boost to the U.S. Senate hopes of House Speaker Jeff Merkley, who has said he'll make the subprime mortgage mess an issue in his campaign.

Meanwhile, will Democrat Judy Stiegler, who's planning to run against Burley, make an issue of his vote against the reforms? The EYE will be watching.

About The Author

Comments (2)

Showing 1-2 of 2

Add a comment
 

Add a comment

More by H. Bruce Miller

  • Who is John Galt? Who Gives a Crap?: Atlas Shrugged's tea party flops hard

    Members of the Ayn Rand cult have waited 54 years for a movie version of her magnum opus, Atlas Shrugged. They finally have one that's true to the letter and spirit of the book. And that's the problem.
    • May 11, 2011
  • LandWatch Goes to the Mattresses Over Resorts

    The fight over Deschutes County's new destination resort rules isn't finished yet: Central Oregon LandWatch has put the county on notice that it plans to challenge them. LandWatch filed ìnotices of intent to appealî Thursday with the state Land Use Board of Appeals, charging that the county's new rules for determining what lands are eligible for resorts ìactually increase the development potential in the county.
    • Aug 23, 2010
  • Waste and Fraud: Walden Goes After the Big Game

    Eastern Oregon's own Rep. Greg Walden and a couple of other Republican congressmen have unleashed their righteous wrath on a federal program that helps low-income folks heat their homes.
    • Jul 2, 2010
  • More »