CHARLES MONROE: WASHINGTON STATE 2007 FORECLOSURES >>>

Pierce County led the state in housing foreclosures in 2007, according to a national report from California-based RealtyTrac, with foreclosure activity there increasing 43 percent compared to 2006. Thurston County auditor’s records showed similar increases.

Washington ranked 21st in the nation in foreclosure filings, with .57 percent of homeowners in the process of losing their homes. Foreclosures in Washington totaled more than 23,000 in 2007, an increase of 28 percent. Though the Pierce County economy and home markets remain relatively stable, the community’s abundance of low-income residents has made it a hot spot for lending trouble.

A slough of bills has been introduced this legislative session that would address what some observers claim is the root cause of the explosion of foreclosures â€" shady mortgages. Two bills come directly from proposals made by the governor following a year-long investigation of lending practices in Washington state. Senate Bill 6272 recommends the creation of $1.5 million in emergency funds for homeowner counseling. House Bill 2770 forwards 23 recommendations from a governor-appointed taskforce, including requiring simple language in foreclosure notices, mandating notification of counseling options in foreclosure notices, and making mortgage loan crimes felonies. Senate bills 6381 and 6471 would seek to regulate mortgage brokers and establish fiduciary responsibility to borrowers.