Jolt
Afternoon Jolt: Today's Winners and Losers
Today's winner: Struggling homeowners.
Legislation sponsored by Rep. Tina Orwall (D-33, Kent) to protect homeowners and establish a mandatory mediation process when a bank initiates a foreclosure passed the state house yesterday evening with a 83-13 vote.
PubliCola has covered this bill in the past and gave props to Orwall for passing it out of way and means right before the cutoff date) and it appears the senate is also set to act on its version, sponsored by Rep. Adam Kline (D-37, Seattle).
Orwall's legislation would require banks to meet with borrowers before foreclosing on a property, expand the number of housing counselors in Washington, and would require banks to pay a fee of $250 for each notice of default they issue. That last provision would raise an estimated $7.5 million per year.
If you're surprised by the thought of raising revenue this session (after all, new taxes require a two-thirds majority), don't be: This is a fee, a charge on a specific action that's related to what the revenue ends up paying for. In other words, the foreclosure fees aren't headed to the general fund, but will pay for housing counselors and mediation services.
Today's loser: The anti-tunnel referendum campaign.
Despite generous contributions from businessman Lee Rabie to the original anti-tunnel campaign (Seattle Citizens Against the Tunnel), which just merged with lefty tunnel opponents Move Seattle Smarter, the two groups together were just $500 in the black at the end of January, the last time the group filed its campaign finance disclosure forms with the city, and the referendum campaign had not reported any contributions.
The deadline for reporting February contributions is March 10.
Legislation sponsored by Rep. Tina Orwall (D-33, Kent) to protect homeowners and establish a mandatory mediation process when a bank initiates a foreclosure passed the state house yesterday evening with a 83-13 vote.
PubliCola has covered this bill in the past and gave props to Orwall for passing it out of way and means right before the cutoff date) and it appears the senate is also set to act on its version, sponsored by Rep. Adam Kline (D-37, Seattle).
Orwall's legislation would require banks to meet with borrowers before foreclosing on a property, expand the number of housing counselors in Washington, and would require banks to pay a fee of $250 for each notice of default they issue. That last provision would raise an estimated $7.5 million per year.
If you're surprised by the thought of raising revenue this session (after all, new taxes require a two-thirds majority), don't be: This is a fee, a charge on a specific action that's related to what the revenue ends up paying for. In other words, the foreclosure fees aren't headed to the general fund, but will pay for housing counselors and mediation services.
Today's loser: The anti-tunnel referendum campaign.
Despite generous contributions from businessman Lee Rabie to the original anti-tunnel campaign (Seattle Citizens Against the Tunnel), which just merged with lefty tunnel opponents Move Seattle Smarter, the two groups together were just $500 in the black at the end of January, the last time the group filed its campaign finance disclosure forms with the city, and the referendum campaign had not reported any contributions.
The deadline for reporting February contributions is March 10.
