Legislative hopeful pitches mortgage fixes
INDIANAPOLIS | Democrat Myron Sutton announced plans to seek greater protection against mortgage foreclosure Monday as part of his bid for Indiana House District 15.
Sutton, a former Newton County sheriff, said lenders should be required to consider insurance costs and property taxes when determining whether a prospective borrower can afford a home loan. He also wants Indiana to prohibit penalties that make it difficult for home buyers to refinance risky subprime mortgages.
“As Newton County’s sheriff, it was my job to conduct sheriff’s sales,” Sutton said, referring to auctions of foreclosed homes. “I’ve seen the pains of foreclosures: court orders evicting people from their homes, families losing their farms, the stress placed on those trying to save their home. Plus, the foreclosure’s effect spills over to the entire neighborhood and community. Surrounding homes suffer a decrease in price because nobody wants a boarded up home on their street.”
Sutton is making a second bid to unseat state Rep. Don Lehe, a Brookston Republican to whom he lost by 27 votes in 2006. House District 15 covers parts of Dyer, Lowell, Schererville and St. John in south Lake County, and all or most of Benton, Newton and White counties.
Lehe, a three-term legislator, noted that he supported recent legislative efforts to reform the troubled home loan industry, including a 2007 law that strengthened state licensing of mortgage brokers. Last week, Indiana revoked the licenses of 361 brokers who failed to comply with the new requirements.
Lehe also said voters continue to tell him their top concern is controlling government spending, which he said doesn’t match up with Sutton’s record as sheriff.
