Oregon House approves foreclosure measure

AP News
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Posted: Mar 06, 2012 11:12 AM
Oregon House approves foreclosure measure

The Oregon House has approved a measure intended to give relief to struggling homeowners facing foreclosure.

Lawmakers unveiled a last-minute compromise Monday afternoon, culminating weeks of on-again-off-again negotiations just hours before the Legislature was expected to adjourn for the year.

The measure would allow distressed borrowers to demand a meeting with their lender and would prohibit the so-called "dual track," in which lenders simultaneously work toward a loan modification and a foreclosure.

The House's approval Monday evening sends the measure to the Senate, which was expected to approve it later in the night.