New Legislation to Address Foreclosures

On January 16, a Golden Valley woman was at the State Capitol to witness the introduction of legislation that could change her life and the lives of many others who have been in her shoes.

Rose McGee has stood in front of the State Capitol before, holding signs that protest Citimortgage and Frannie Mae. She has also advocated for the mortgage giants to stop evicting people from their homes and foreclosing for them. Instead, she pushed for them to work with homeowners so that they can keep the homes they worked so hard to acquire in the first place.

Representative Mike Freiberg and Representative Karen Clark, along with Rep Raymond Dehn, introduced legislation at a press conference that can help individuals like Rose. Also present were Rose’s attorneys and members of the Jewish Community Action, Occupy Homes, Minnesota, and Northside Community Reinvestment Coalition.

Freiberg said that he wants to help his constituents, citing Rose as an example since she only lives a few blocks from him. He said he wants to help her as much as possible and also help others in the district from suffering like her when it comes to keeping her home.

The new law introduces the prohibition of what is called “dual tracking.” This is an act that occurs when mortgage company representatives work with the homeowner to refinance their home loan, but another department starts the foreclosure process. It is a business practice that is deemed as unfair.

Minnesota is following in the same footsteps as California where dual tracking is illegal. It was illegal as of January 1st.

McGee is a victim of dual tracking and is receiving validation for the efforts she took when she fought for a year to save her home. Her story encouraged many groups to come together so that the issue could be brought to the attention of the state government and something be done about it.