Bill for banks not consumers

Justice League

BY BEN CARTER

“HB 470 is dead,” the text said. As an attorney who has represented hundreds of homeowners since the foreclosure crisis struck Kentucky in 2008, I breathed a sigh of relief.

House Bill 470, likely to be back in next legislative session in some version, would have removed the protection of judicial oversight from the majority of foreclosures.

When the bill was filed, consumers, consumer advocates (led by the Kentucky Equal Justice Center), and consumer attorneys across Kentucky mobilized to explain to legislators why removing judges from the foreclosure process would be so harmful to homeowners facing foreclosure.

So, I was surprised to see Ballard Cassady, president and CEO of the Kentucky Bankers Association, claim that “Kentucky bankers are the only ones concerned with protecting consumers.” This statement is as self-absorbed as HB 470 was self-serving for the mortgage servicing industry.

While KBA claims that it would allow…

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