Sen. Richardville to serve on foreclosure conference committee

LANSING, MI – April 27, 2009 – (RealEstateRama) — Sen. Randy Richardville has been appointed to serve on a joint Senate and House conference committee regarding legislation that would help Michigan homeowners who are facing foreclosure.

“The foreclosure crisis has hit Michigan especially hard during these difficult economic times,” said Richardville, R-Monroe.  “I have been working closely with members of the state House to develop measures that will help residents who are willing to negotiate with their mortgage provider.  As a member of the conference committee, I will continue to work with them as we move this important legislation forward.”

Three senators and three representatives will serve on the committee.  They will attempt to reach a compromise on House Bills 4453 through 4455, which would revise Michigan’s “foreclosure by advertisement” process to encourage greater communication and negotiation between lenders and borrowers.

“As chair of the Senate Banking and Financial Institutions Committee, Senator Richardville has been a strong advocate for Michigan homeowners,” said Bishop, R-Rochester.  “He has demonstrated his commitment to improving problems within the mortgage industry and helping homeowners facing foreclosure.  He will provide excellent leadership for the committee as members work to develop an agreeable plan to address the foreclosure crisis in Michigan.”

The committee will play a key role in negotiating and drafting the final legislation for both the Senate and House before it becomes law