Legislators: End dual tracking by mortgage lenders in Minnesota?


On January 16, Minnesota DFL lawmakers proposed a bill to stop “dual tracking”, a foreclosure practice that Minnesota banks have used against homeowners who have fallen on hard financial times.  “Dual tracking” is where banks tell homeowners who have fallen behind on their mortgage that they will work with them to modify the payments, while at the same time arranging to foreclose on the home. 

Representative Mike Freiberg (DFL-Golden Valley), State Representative Karen Clark (DFL-Minneapolis) and Representative Raymond Dehn (DFL-Minneapolis) held a press conference on the proposed legislation.

The legislation got its first hearing in the Housing Finance and Policy Committee that Representative Clark chairs.