by Michelle Lind, AAR General Counsel/Assistant CEO
Sen. Steve Pierce, sponsor of SB 1271, feels the bill needs to be fixed due to the unforeseen and unintended consequences of the legislation. He has asked the Legislature and the Governor’s office to repeal the bill so that legislators and industry stakeholder groups can work on a new bill to accomplish the original objective of 1271- to help small community banks in Arizona.
Pierce met with AAR and other stakeholders yesterday to discuss changes to the legislation. The consensus was that there is a more direct way to assist local Arizona banks, who were not eligible to receive any TARP funds, on the ever-growing foreclosure issue.
AAR will continue to work with the Legislature and the Governor’s office on this important homeowner issue.
We’d like to thank Sen. Pierce 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.
Please check www.rallinow.com for more information on this as it develops.
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© 2009
July 29th, 2009 at 1:50 pm
I support the REALTORS of Arizona.
Please protect us.
Please protect the home owners.
August 4th, 2009 at 10:12 am
Why is this subject so under reported? I think the average person in Arizona is unaware of this law and the impact it will have on their lives should they lose their job or become seriously ill and unable to pay their bills. What is the outlook for repeal? Where can we go to read about or hear about the progress of repeal?
August 7th, 2009 at 1:38 pm
Why is the Government so anti-citizen? In a time of economic difficultly all they can think of is cut expenses and raise taxes and go after those that are having financial trouble. How about some creative thinkers? Citizens loosing their homes should not be penilized further.Perhaps new legislators (and Governer) would be an alternative.
August 8th, 2009 at 10:09 pm
I hope our legislatures are not so out of touch that they understand what devastation this change would have on Arizona. The housing mess was caused by greed and deceit (government policies/wall street/banks etc.) which instigated the collapse of the housing market leading to the mess we are in. The little guy will pay for everything and now the banks are going after more mainly because they didn’t get stimulus money…I pray our representatives will look out for us.