Thursday, November 20, 2008

Three Council Members with Hearts Two Sizes Too Small

Tennessee law prohibits local governments from taking any action with respect to the mortgage lending industry, even in these times of woe and want. So, on Tuesday, Metro CM Lonell Matthews sponsored a memorializing resolution on behalf of some struggling Nashvillians to ask the Nashville delegation to the General Assembly to introduce and support legislation that would require 90-day written notice to homeowners before lenders could start foreclosure proceedings.

Upon introduction, CM Jim Hodge asserted that he wanted to be recorded as voting against the resolution, which required a roll call vote to be registered (memorializing resolutions, which have all the teeth of a newborn baby, generally sail through without roll call votes). Joining Hodge against Matthew's successful resolution in the roll call were Robert Duvall and Randy Foster.

I'll be interested to see what future legislation these three might support on behalf of Nashvillians who face mortgage crisis, even if that legislation is symbolic and limited by state law. Jim Hodge is listed as a principle real estate broker, which makes me think he should have asked to be recorded as abstaining from the vote altogether. Is it not in a broker's best interest to keep the foreclosure notice period as short as possible in order to maximize the sale of real estate?

There is a lot of money to be made in the foreclosure industry, in putting families on the street, from coast ...

... to coast ...

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