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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | January 15, 2013 01:33 PM |
|---|---|
| From: | Representative Tina M. Davis |
| To: | All House members |
| Subject: | Representative Tina Davis Co-sponsorship: Home Foreclosure Study |
| MEMORANDUM To: All House Members From: Representative Tina Davis Date: January 15, 2013 Re: Request for Co-sponsorship: Home Foreclosure Study In the near future, I will be re-introducing legislation -- former House Resolution 238 of 2011 -- directing the Legislative Budget and Finance Committee to formulate an appraisal of the causation behind home foreclosures in the Commonwealth of Pennsylvania. Additionally, I intend for the committee to present recommendations to the House of Representatives based on the study results in order to assist the body in composing solutions towards abating foreclosures in the future. As stipulated in Section 412-C of the Housing Finance Agency Law (No. 621 of 1959) the Pennsylvania Housing Finance Agency (PHFA) is charged with monitoring trends in foreclosure activity across the state. PHFA utilizes statistics and data gleaned from applications and notices for emergency mortgage assistance. In 2005, The Reinvestment Fund (TRF) and the Pennsylvania Department of Banking were requested by PHFA to conduct a study of mortgage foreclosure trends in the state. The resulting study ascertained that a large number of properties foreclosed upon reflected an above average pattern of predatory lending. The study that I am proposing will determine if there has been a rise in the number of home foreclosures since the aforementioned TRF study was completed. Consequently, I am recommending the Legislative Budget & Finance Committee probe foreclosure demographics to gauge the success of the Pennsylvania statutes currently enacted. It is my intention to ascertain whether or not the statutes enacted have assisted in reducing foreclosures in the Commonwealth. Previous Cosponsors: McGEEHAN, BISHOP, BRENNAN, V. BROWN, BURNS, CALTAGIRONE, D. COSTA, DAVIDSON, FABRIZIO, FREEMAN, GERGELY, JOSEPHS, KORTZ, KULA, MURT, M. O'BRIEN, PASHINSKI, PAYTON, READSHAW, SAMUELSON, SCAVELLO, STABACK, THOMAS, WAGNER, WATSON AND WHEATLEY |
Introduced as HR118