Maine governor vetoes foreclosure bill

AUGUSTA, Maine (AP) — Maine Gov. Paul LePage has vetoed a bill that supporters said would streamline foreclosure proceedings.

In his veto letter, LePage said the bill would create more paperwork for lenders with little benefit for Maine residents.

Rep. Roberta Beavers, the sponsor of the bill, said it would have protected homeowners by requiring banks to present original mortgage notes or proof of ownership before foreclosure proceedings, to prevent fraud against homeowners.

MaineToday Media (http://bit.ly/H3O0mB ) says bill passed in the Senate by a vote of 32 to 2, and in the House by 90 to 54.

Copyright 2012 The Associated Press.

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Comments

Roger Moulton's picture

The three below me don't have a clue

It is also your responsibility to maintain records of your mortgage. If the bank doesn't have a copy of the paper in question, then pull out yours and if you don't have yours you are as guilty as the bank. Also think of the affect this would have on obtaining a mortgage if you have borderline credit. At this point in time when banks have greatly tightened the strings on who they will lend to, the last thing we need is to give them more reasons to not approve people. Why should we protect the person that didn't (regardless of reason) pay their mortgage. I know the economy is tough and people are losing their homes but delaying the foreclosure process isn't fair to the banks. You signed an agreement to pay for this mortgage, I'm sure there was no clause in there that said you don't have to pay if the economy tanks. It's sad to see hard working people lose their homes due to the economy but you can't pass the financial loss on to the banks. Use your head Robin Hood's.

Andrew Jones's picture

I guess the benefit of not

I guess the benefit of not getting thrown out of your own home by a bank that fubar'd the paperwork is not worth the bean-counters doing a little bit more pencil pushing.

Foreclosure Bill

Atypical Lepage move, he vetos abill thatpassed in the senate32-2+ wouldhaveprotected home owners, and al he cares about is the banks..Pitiful!

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