Nancy Mclain’s Response to Charges Regarding SB1259 | Bill Would Have Given “Those who just don’t want to pay their mortgage a loophole to get out of forking over the cash”
I have received numerous inquires about SB1259 and am happy to explain why I opposed this legislation.
I am always open to ways of addressing our mortgage crisis and helping Arizonans facing foreclosures. Unfortunately, SB1259 did neither of those things.
In fact, I believe that this bill would have given those facing very dire consequences false hope, which is why I opposed it. Despite what some may think, SB1259 did nothing to help these individuals. And it also opened an avenue for those who simply did not want to fulfill their obligation by potentially creating a loophole that could take years to resolve.
The mortgage crisis has had dire impacts on our economy and on the personal lives, hopes and dreams of many Arizonans. I’m committed to real solutions to turning our economy around – not legislation that further muddies the waters for those already in stressful circumstances.
As to the language in the final bill, Michele Reagan (sponsor of the original bill) asked me to offer the amendment in committee. This solved a problem in her district, and I did it as a favor to her.
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