Gene Ficken

FICKEN OUTLINES HOME FORECLOSURE
PREVENTION PLAN

Des Moines, Iowa – State Representative Gene Ficken of Independence today unveiled a package of initiatives to prevent home foreclosures on Iowa families.

“The struggling national economy is putting the squeeze on middle class families and we’ve seen home foreclosures reach record highs. Our plan will provide more support for Iowans and ensure that lenders are both accountable and transparent,” said Ficken.

The foreclosure protection package outlined today has three major components:
• Mortgage Broker and Banker Accountability – prohibits brokers or bankers from misleading borrowers or making false statements, charging fees for loans that don’t materialize, or accepting any undisclosed compensation for their services (House File 375, House Study Bill 185)
• Requires information about the Iowa Mortgage Foreclosure Hotline be given by lenders to homeowners at the first step of the foreclosure process (To Be Filed)
• Prohibit home foreclosures on military reserve members or their family while serving on active duty (House File 251)

“I encourage Iowans facing foreclosure or default on their home mortgage to call the Iowa Mortgage Help Hotline at 877-622-4866. It’s a free, confidential call that can help Iowans avoid foreclosure and determine if they are eligible for federal assistance announced by President Obama earlier this month,” concluded Ficken