Minneapolis Mayor R.T. Rybak: Pass the Homeowners’ Bill of Rights
In State of the City Address, Rybak reiterates the city’s support for comprehensive foreclosure legislation
ST. PAUL (April 10, 2013) — In his 2013 State of the City address, Minneapolis Mayor R.T. Rybak referenced the city’s support for a strong Homeowners’ Bill of Rights. “I want to reiterate the City’s support for another effort to close disparities in housing: the Homeowners’ Bill of Rights,” Rybak said in prepared remarks for the speech given earlier today at the Walker Arts Center. “Currently at the Legislature, it’s a common-sense measure,” the Mayor continued.
Support continues to grow for a strong Homeowners’ Bill of Rights that would protect homeowners by: requiring banks to assign struggling homeowners a single point of contact; banning the practice of dual tracking; enforcing the ban on dual tracking by ensuring homeowners can stop a wrongful foreclosure in court; and creating a mediation program to bring banks and homeowners together for a face-to-face conversation about alternatives to foreclosure.
“We applaud Mayor Rybak for the City’s support for a strong Homeowners’ Bill of Rights,” said Pastor Paul Slack, President of ISAIAH. “This is exactly the legislation we need to protect families and stabilize our communities.”
Since 2007, there have been 13,891 foreclosures in the city of Minneapolis, resulting in more than $267 million in costs to the City of Minneapolis and Hennepin County.
Throughout the state, more than 150,000 Minnesota homeowners have lost their homes to foreclosure since 2006. In 2012, there were three times more foreclosures in Minnesota than in 2005, continuing to have a disastrous effect on Minnesota communities. These foreclosures can and should be avoided.