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Treasurer Wiessmann Encourages Lawmakers to Adopt Mortgage Disclosure Improvements

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Applauds Statewide Foreclosure Prevention Initiatives 

HARRISBURG, Nov. 5, 2007 —Treasurer Robin L. Wiessmann today supported the swift adoption of the proposed mortgage reform proposals to continue the ongoing effort by the commonwealth to protect borrowers and to avoid future foreclosure crises.

“I encourage the General Assembly to pass legislation aimed at curbing abusive lending practices,” Wiessmann said. “The legislation will implement critical borrower protection measures, particularly the proposal designed to simplify mortgage disclosure by providing the potential borrower with a full picture of the loan and all accompanying costs in easier-to-understand language.

“Educating consumers as they embark upon such a large financial commitment will have positive long-term effects on the housing market and the economy as a whole,” Wiessmann continued. “When the necessary information is presented clearly and concisely, consumers are more able to make an informed decision that will have a beneficial impact on their financial well-being.”

Wiessmann commended the collaborators for their innovative programs to prevent foreclosures: Refinance to an Affordable Loan (REAL) and Homeowner Equity Recovery Opportunity (HERO). REAL offers refinancing to homeowners whose adjustable-rate or other complex mortgage has become unaffordable, while HERO offers loans for homeowners who, because of credit or other issues, can’t afford their current mortgage payments and are not eligible for other programs that could save their homes from foreclosure.

Most importantly, Wiessmann said, these two new programs feature credit counseling and financial management education components.

“As Treasurer, I am committed to promoting fiscal literacy amongst Pennsylvanians and I am pleased that these new programs deliver such a critical service as foreclosure prevention in addition to educational opportunities that will provide long-term financial benefits to consumers,” Wiessmann said.

The Pennsylvania Treasury Department, under the leadership of Treasurer Robin L. Wiessmann, acts as the Commonwealth’s bank, serving as custodian, investor and disburser of the Commonwealth’s funds. Treasury also offers a wide range of programs and services to Pennsylvania families, such as helping to make college possible with the nowU Pennsylvania College Savings Program; returning abandoned and unclaimed property to its rightful owner or heir; offering Pennsylvanians an alternative to payday lending through Better Choice; and funding energy efficient home improvements through the KeystoneHELP low-interest loan program. For more information about Treasurer Wiessmann and the Pennsylvania Treasury Department, visit www.patreasury.org.

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