Wednesday, July 29, 2009

Be Careful of What You Ask For

... or in this case what you legislate.

Did you know if you default on your mortgage and the bank has to take a loss because of the fallen value of the property, you can be held liable for the difference? Yes, it's the law in Arizona.

Well, because of the fallen housing prices, the spikes in foreclosures and unemployment have left quite a few people in a very vulnerable position.

Now, the twit who came up with the legislation is asking for it to be repealed. Apparently he's got some constituents who are not too happy with the law, especially if they are being hurt by it.

Here's the link:

Arizona Senator calls for repeal of his foreclosure bill

No comments: