This resolve establishes the Commission to Study the Foreclosure Process, which is a
7-member commission directed to consider the laws and state agency rules governing the foreclosure process, the various timelines of specific procedures in the foreclosure process and how those timelines affect the availability of foreclosed properties for affordable housing; the effect on the foreclosure process of mortgages sold in the secondary mortgage market by large financial institutions and the ability of small financial institutions in the State to work to keep property owners out of foreclosure and to make foreclosed property available for sale quickly; and how problems in the foreclosure process can be mitigated without losing existing consumer protections. The commission is required to submit a report no later than December 3, 2025, including suggested legislation, for presentation to the Joint Standing Committee on Housing and Economic Development, which is authorized to submit legislation to the Second Regular Session of the 132nd Legislature.