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State-Federal Relations

State Legislators Urge Support for the Miller-LaTourette Amendment to H.R. 5830 – FHA Housing Stabilization and Homeownership Retention Act of 2008

Protect America’s Distressed Homeowners

May 6, 2008

The National Conference of State Legislatures (NCSL) urges the members of the House of Representatives to support the Brad Miller – Steven LaTourette Amendment to H.R. 5830, the FHA Housing Stabilization and Homeownership Retention Act of 2008.  The Miller-LaTourette Amendment reaffirms state efforts to prevent abusive foreclosures practices by clarifying that H.R. 5830, the National Bank Act and the Home Owner’s Loan Act do not preempt state laws regulating the foreclosure of residential real property or the treatment of foreclosed property.

As the Congress considers possible solutions to stem the worsening homeownership and subprime mortgage crisis and to stimulate our nation’s economic well being, now is the not time for Congress to allow the federal banking agencies to reward the financial services industry for its role in the housing crisis by preempting state efforts to protect distressed homeowners from abusive foreclosure practices.  Just this year alone, state legislators in over 30 states have or are considering legislation to curtail abusive foreclosure practices.  They take this action because they are concerned about preserving communities in their districts and states and in protecting constituents who face difficult financial situations from being forced out of their homes without proper and legal processes in place.

The local nature of homeownership, real estate and consumer protection necessitates direct state authority. NCSL believes that the nation as a whole is weakened by preemptive federal actions to limit the flexibility of state legislatures to deal with local economic problems, such as the ability to protect homeowners from abusive foreclosure practices.

NCSL supports the Miller-LaTourette Amendment and respectfully requests that you vote to support this amendment to prevent the preemption of state authority to protect against abusive foreclosure practices. It also is important to note that the Miller-LaTourette Amendment will not affect the applicability of any other type of state law to any federal depository institution or to any agent or subsidiary of the depository institution.

For more information contact: Neal Osten, 202-624-8660 or Christopher Coleman, 202-6248673.

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