SB 6033 -
By Senator Berkey
ADOPTED 03/06/2009
On page 2, line 29, after "by the" strike "housing finance commission" and insert "prevent or reduce owner-occupied foreclosure oversight committee established under section 4 of this act"
On page 3, after line 30, insert the following:
"NEW SECTION. Sec. 4 A new section is added to chapter 43.320
RCW to read as follows:
(1) The housing finance commission must establish a prevent or
reduce owner-occupied foreclosure oversight committee to consist of:
(a) Two members of the senate and two alternate members, appointed
by the president of the senate, with no more than one member and one
alternate from each caucus of the senate;
(b) Two members of the house of representatives and two alternate
members, appointed by the speaker of the house of representatives, with
no more than one member and one alternate from each caucus of the
senate;
(c) The director of the department of financial institutions or his
or her designee as an ex officio member;
(d) The executive director of the housing finance commission or his
or her designee as an ex officio member;
(e) A representative of the Washington state bar association as a
nonvoting member;
(f) A representative of the office of civil legal aid as a
nonvoting member;
(g) A representative of the Washington banker's association as a
nonvoting member; and
(h) A representative of the Washington state board of accountancy
as a nonvoting member.
(2) The members of the prevent or reduce owner-occupied foreclosure
oversight committee shall serve without compensation of any kind.
(3) The prevent or reduce owner-occupied foreclosure oversight
committee shall serve as the housing finance commission's principal
advisory body on the prevent or reduce owner-occupied foreclosure
program, and must:
(a) Develop criteria for success of the program that may include,
but not be limited to: The number of homeowners served; number of
workouts achieved; amount of federal funds received for homeowner
stabilization; decreases in foreclosure rate; and number of volunteer
professionals participating;
(b) Periodically evaluate the effectiveness of the program
according to the criteria developed under (a) of this subsection;
(c) Develop and maintain an inventory of state and federal housing
assistance programs directed to stabilize owner-occupied homes; and
(d) Coordinate all state efforts related to prevention or reduction
of owner-occupied foreclosures.
(4) Any of the duties listed under subsection (3) of this section
may be delegated to the executive director of the housing finance
commission.
(5) The prevent or reduce owner-occupied foreclosure oversight
committee shall meet regularly.
(6) The housing finance commission must supply information and
assistance that are deemed necessary for the prevent or reduce owner-occupied foreclosure oversight committee to carry out its duties under
this section.
(7) The housing finance commission shall provide administrative and
clerical assistance to the prevent or reduce owner-occupied foreclosure
oversight committee."
On page 1, line 2 of the title, after "program;" strike the remainder of the title and insert "amending RCW 43.320.160, 43.320.165, and 43.320.170; and adding a new section to chapter 43.320 RCW."
EFFECT: Creates the Prevent or Reduce Owner-Occupied Foreclosure Oversight Committee to oversee the PROOF program. The Committee serves without compensation, advises the Housing Finance Commission, and creates specific metrics and criteria by which the PROOF program is measured. It determines the criteria that the Commission must report on to the Legislature, and must also develop and maintain an inventory of state and federal assistance programs.