Indiana legislators try to cool foreclosure meltdown

Niki Kelly, The Journal Gazette

nkelly@jg.net

INDIANAPOLIS - Indiana lawmakers took time during the recent legislative session to tackle the continuing problem of home foreclosures - by, for instance, limiting unfair practices and requiring settlement conferences for Hoosiers facing the loss of their homes.

"I hope we are getting close to being ahead of the problems," said Sen. Dennis Kruse, R-Auburn, a sponsor on one related bill. "There are a lot of adjustments being made in the marketplace, and I think we are on track to reform the system and make it better."

Foreclosures continue to plague the housing sector nationally and across the Hoosier State. The most recent state statistics show foreclosures rose 17 percent in Indiana in March.

The most significant piece of foreclosure-related legislation that passed in April - and was signed into law by Gov. Mitch Daniels last week - was Senate Bill 492.