With a U.S. Senate bill and House Bill receiving so much attention for their ideas on how to tackle the housing crisis, many in the default servicing business are starting to wonder how proposed legislation could impact the industry as a whole.

Rick Sharga, vice president of marketing for online foreclosure marketer RealtyTrac, has a few thoughts on the pending legislation that he will share at the upcoming 2008 USFN National Default Servicing Seminar and Technology Forum in San Antonio.

“The housing slump—accompanied by a surge in foreclosures—in the midst of a presidential election year has pushed foreclosure prevention legislation to the top of many politicans' priorty lists,” Sharga said. “The U.S. House and Senate both recently passed legislation aimed at providing relief to homeowners facing foreclosure, and many states have passed or proposed similar measures. Many of the laws being considered, or already enacted, could have a significant impact on the default servicing industry.”Kerri Panchuk | 06.04.08