Legislature did little to slow foreclosure crisis | Pickens Progress

14
Jun

Legislature did little to slow foreclosure crisis | Pickens Progress

Two Studies confirm what now appears obvious: The Georgia General Assembly did very little to prevent or address the residential foreclosure crises.

Acts of Omission: The Immergluck Study

In 2011, researchers Dan Immergluck of the School of Regional Planning at the Georgia Institute of Technology, and Frank Alexander, Urban Housing Expert within Emory’s School of Law, co-published research entitled: Legislative Responses to the Foreclosure Crises in Non-Judicial States.

The study reveals that Georgia ranked high in the number of foreclosures, but ranked low in its response to the foreclosure crises.

During a phone interview, Alexander deemed Georgia’s failure to address the crises as an “unfortunate loss of opportunity to halt the economic destruction of huge portions of the state.” Alexander gave credit to some legislators who persistently put forth “reasonable bills to stop the bleeding” but noted that House and Senate leadership did not assist in their passage.

Legislative records show that although numerous bills were filed in order to address the crises, almost all failed to pass the Georgia House and Senate. One exception was SB531, which made modest changes to recording and filing requirements and extended the foreclosure period from fifteen to thirty days. (Georgia has one of the shortest foreclosure process periods in the nation-often taking less than forty-five days from start to finish).

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