Senator Ellen Anderson and Representative Jim Davnie, chief sponsors of the Minnesota Subprime Foreclosure Deferment Act, introduced the bill the morning of March 5th at the State Capitol. The bill would allow homeowners with subprime loans to pay about 65% of the monthly mortgage payments. The remainder would be deferred for a year. The two lawmakers said that the foreclosure crisis affects not only those hardest hot but also property taxes in general and calls for this level of state intervention.
Story submitted by news intern Alex Amend