Legislators have been busy since we broke the news about a bill passed earlier this month that could be disastrous to homeowners facing foreclosure.
State Senator Steve Pierce (R-Prescott) has called for an immediate repeal of the bill he himself wrote in June after meeting yesterday with representatives from Governor Brewer's office, bankers, legislators and Realtors during a special session to discuss the unintended consequences of SB 1271.
"Very simply, a bill that was intended to protect community banks, has some serious flaws in it and it should be repealed before it takes effect," Pierce said in a press release. "We need to fix this bill. I have visited with the Governor and numerous parties involved and they will be collaborating on how to correct the issue immediately."
If the repeal goes through, Pierce will be meeting with other legislators and industry stakeholders within the next few weeks to negotiate a new bill to help small community banks -- without the unintended consequences that hurt homeowners.
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"Senator Pierce deserves our thanks for all of the time and energy he has put into working on this complex issue as well as for being an open listener and participant in the discussions with all of the engaged stakeholder groups," Arizona Association of Realtors spokesman Tom Farley wrote in an email.