The Tennessee House of Representatives recently passed a bill with a large amount support that would reduce the number of foreclosure notices mortgage lenders have to publish in local newspapers, according to a report from The Associated Press. The bill will cut the number of notices that must be published from three to two, and will also cut the amount of information required in those alerts by about 25 percent.
Supporters say that ostensibly, the plan will save money for local newspapers, and make the notifications clearer for consumers, the report said. However, those who voted against the bill say the measure won’t necessarily be of assistance to many in their constituency.
“How much can these people actually save by doing this, as opposed to the employee that might be lost at one of these little newspapers,” Rep. Curtis Halford of Dyer, who voted against the bill, told the news agency. “It goes to the quality of life in my community.”
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Though many aspects of the economy continue to improve, recent studies have highlighted that the improvements in nationwide foreclosure rates are largely the result of slower filing processes, rather than fewer home loan delinquencies.