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Governor Gregoire signs legislation to protect Washington homebuyers and owners

For Immediate Release: February 11, 2008

OLYMPIA � Gov. Chris Gregoire today signed into law Senate Bill 6272, which provides $1.5 million to help Washingtonians as they purchase a home or try to keep their current home. The governor requested this legislation as part of her housing security agenda for the 2008 supplemental budget.

�Washington has a strong economy,� Gregoire said. �We are fortunate that we have not been touched by problems in the housing market in the same way as other states. But some of our people are struggling. This bill, which takes effect immediately, will provide resources to help.�

The new law supports effective counseling programs, run by trusted community agencies, to help those Washingtonians who are struggling to stay in their homes. These programs will help homeowners understand how they can effectively deal with their lenders to find a way to keep their home.

�I�m very appreciative of the rapid response taken to address this issue,� said Carol Nelson, president and CEO, Cascade Bank and chair of the Governor�s Task Force for Homeowner Security. �Less than 60 days after we have submitted our report, Gov. Gregoire has taken action to provide resources for much needed counseling.�

The new law also launches an effective consumer education program to help potential homebuyers. For most Americans, buying a home is the biggest purchase they will ever make. Many buyers need help understanding the many financial choices they have to consider when they make this purchase.

�This legislation allows us to provide counseling to the people who are in either default or foreclosure,� said James Kelly, president and CEO, Urban League. �This will have the positive impact of preventing further devaluing of our communities caused by foreclosures.�

�This bill is about helping Washington families understand the types of loans they agree to before it�s too late,� said Rep. Troy Kelley, D-University Place. �Families will continue being
burnt by bad loans if we don�t step up, provide information to the public, and support the groups counseling these families into home security.�

�It is important for the state to be proactive and help our citizens understand the home buying process and their financial commitment,� said Sen. Jean Berkey, D-Everett. �This legislation will provide important resources for those buying or refinancing a home.�

This is the second piece of the governor�s housing agenda to be signed into law. On Feb. 6, the governor signed Senate Bill 6335 to provide $6 million in new state support for the Washington Families Fund, a public-private partnership created to expand service-enriched housing for homeless families across Washington state.

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