Attorney General Rob McKenna’s bill on foreclosure rescue schemes becomes law tomorrow. In case you’ve forgotten, the bill will:1. Require that a contract with clear terms be signed by the homeowner and purchaser prior to the transfer2. Give the former homeowner the right to cancel the contract within five business days3. Require that the purchaser demonstrate that the homeowner is able to meet all the terms of the contract4. Require that the homeowner receive at least 82 percent of the difference between the property’s fair market value and the underlying mortgage in the event of a sale to a third party.Here’s a guy who’s really pissed about it. I think it’s pretty funny, the parts I can make sense of anyway. Here’s his other page. It’s not so funny. Full Disclosure: he had a legal dispute with my dad about the time I was born. That’s why he didn’t show up in the original story. Make of that what you will.
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