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Pennsylvania House of Representatives
11/09/2024 12:04 AM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?SPick=20150&chamber=H&cosponId=16433
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2015 - 2016 Regular Session

MEMORANDUM

Posted: January 8, 2015 11:21 AM
From: Representative Tina M. Davis
To: All House members
Subject: Request for Co-sponsorship: Home Foreclosure Study
 
In the near future, I will be reintroducing legislation – former House Resolution 118 of 2013 – directing the Legislative Budget and Finance Committee (LBFC) to formulate an appraisal of the causation behind home foreclosures in the Commonwealth of Pennsylvania. Furthermore, I intend for the committee to present recommendations to the House of Representatives based on the results of the study in order to compose legislative solutions towards abating additional foreclosures in the future.

As Section 412-C of the Housing Finance Agency Law (No. 621 of 1959) stipulates, the Pennsylvania Housing Finance Authority (PHFA) is charged with monitoring trends in foreclosure activity statewide. The PHFA uses statistics and data from applications and notices for emergency mortgage assistance in carrying out their monitoring duties. In 2005, The Reinvestment Fund (TRF) in cooperation with the Pennsylvania Department of Banking (now the Pennsylvania Department of Banking and Securities) were requested by the PHFA to conduct a study detailing mortgage foreclosure trends in the state. The study concluded that a large number of properties foreclosed upon reflected an above average pattern of predatory lending. Since this time, no follow up study specifically focusing on mortgage foreclosure filings has been conducted.

Determining if there has been a significant rise in the number of home foreclosures since the 2005 study is crucial in analyzing foreclosure trends and developing future measures to assist homeowners. Therefore, I am recommending the LBFC scrutinize foreclosure demographics to ascertain if our previously enacted statues have aided in reducing the number of foreclosures across the Commonwealth.

I believe this legislation will help to ensure our success in providing protection and assistance to the homeowners of this Commonwealth. I ask you to join me in support of this important measure.