Cranston Council Overrides Veto; Implements New Foreclosure Laws

With a unanimous vote, the Cranston City Council overrode two vetoes from Mayor Allan Fung regarding residential foreclosures.  The Providence Journal has the story and also reports that these measures were necessary after more than 450 residential homes were foreclosed on in the last two years in Cranston.

“As the council, we’re there to represent all the people of Cranston, not just the people who are up on their mortgages, not just the people who are employed,” said Council President John E. Lanni Jr. “I think we’ve done a good thing.”

Lanni, alluding to figures that show the foreclosure crisis is affecting greater numbers of people who have lost their jobs, said the measures might give some people breathing room and allow them to stay in their homes.

The measures require lenders to set up third-party mediation with borrowers before foreclosing on owner-occupied homes. They also require lenders to give renters a written notice before initiating a foreclosure.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s