News

State Senator Steve Pierce Calls for Immediate Repeal of Controversial Foreclosure Bill

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"Very simply, a bill that was intended to protect community banks, has some serious flaws in it and it should be repealed before it takes effect," Pierce said in a press release.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.

"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.

KEEP PHOENIX NEW TIMES FREE... Since we started Phoenix New Times, it has been defined as the free, independent voice of Phoenix, and we'd like to keep it that way. With local media under siege, it's more important than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" program, allowing us to keep offering readers access to our incisive coverage of local news, food and culture with no paywalls.
Malia Politzer
Contact: Malia Politzer