House Advances Foreclosure Mediation Bill

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The Vermont House appears poised to pass legislation calling for mediation to avoid home foreclosures.

House members easily gave the measure preliminary approval on Wednesday and are expected to pass it and send it to the Senate on Thursday.

It calls for mediation between banks and homeowners aimed at restructuring mortgages before banks begin foreclosure proceedings.

House Speaker Shap Smith says the bill is a response to the fact that foreclosures in Vermont rose by more than 50 percent between 2007 and 2009.

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