Wisconsin Bankers Association: State bankers praise Assembly on efforts to stem foreclosures

For more information, contact Kurt Bauer

608-441-1203 or bauer@wisbank.com

MADISON – On Tuesday, October 27, the state Assembly passed three bills aimed at preventing the spread of foreclosures in Wisconsin.

After this action, Kurt Bauer, Wisconsin Bankers Association (WBA) president/CEO released the following statement:

“WBA thanks Assembly Speaker Mike Sheridan (D-Janesville) for his leadership on this critical issue facing the residents of Wisconsin. Wisconsin’s banking industry is actively working to address the foreclosure problem and bankers across the state applaud the Speaker and the Assembly on their efforts to battle foreclosure head-on.

The foreclosure prevention bills, AB 459, AB 471 and AB 472, approved with bipartisan support, would establish mortgage and foreclosure education standards, require state licensure of home appraisers, and require mortgage brokers to put a client’s financial interests above their own. The legislation was developed through the Speaker’s Taskforce On Preventing (S.T.O.P.) Home Foreclosures, a group that included Democratic and Republican lawmakers, lenders, and consumer advocates.

WBA supports the recommendations of the task force and believes the legislation is focused on some of the root causes of Wisconsin’s foreclosures. The banking industry continues to work hand-in-hand with customers and federal regulators to keep people in their homes whenever possible. As was noted in the task force hearings, foreclosures have distinct fact patterns in different parts of the state. The resolution of these may require different tools from the state and federal government. The banking industry recognizes that the best way to solve this crisis is to support Wisconsin’s economy and keep promoting economic development.”