In response to a growing number of foreclosures, Gov. Bill Ritter, D-Colo., says he is seeking ‘aggressive implementation’ of the Mortgage Broker Registration Act he signed into law in June. Ritter has formally requested a solution from Colorado's Division of Real Estate Director Erin Toll, who is charged with implementing and enforcing the act.
According to Ritter's office, the Mortgage Broker Registration Act includes four mortgage-fraud and foreclosure-prevention bills: H.B.1322 (Marshall/Groff), Mortgage Fraud Prevention Act; S.B.85 (Veiga/Massey), Protect Consumer Real Estate Transactions; S.B.216 (Veiga/Marshall), Mortgage Loan Acts Practices; and S.B.203 (Groff/Marshall), Mortgage Broker Licensing.
‘Colorado continues to struggle with an exceedingly high foreclosure rate, and my administration is working hard to protect homeowners and communities,’ says Ritter. ‘Implementing this legislation is one more important step. Solving this crisis will involve industry and government working together.’