Pawlenty Vetoes Foreclosure Bill

Pawlenty Vetoes Foreclosure Bill

While many people watched to see what Minnesota Governor Tim Pawlenty would do with the new Foreclosure Rescue Bill that was passed by the state Senate and put before his office, Pawlenty ended up doing as Republicans would have expected him to do by vetoing the measures, despite calls from citizens to save the state’s foreclosure victims.

The bill proposed would have deferred foreclosure proceedings for roughly 15,000 Minnesotans and allowed them to stay in their homes while they looked for ways to catch up with and pay off their loan debts. Pawlenty’s argument echoes the Republican line of thought on similar bills at the federal level, that deferring mortgage payments would make banks less likely to lend and make credit more expensive for all other citizens.

Many felt that the move was largely political, as Pawlenty is said to be under consideration by the McCain campaign to run as vice president this fall. Many feel he may have vetoed the bill to please his fellow travelers. However, critics are still divided over whether the move hurt or helped Pawlenty’s image. Minnesota is in desperate need of a solution to its increasing troubles with foreclosure, and this bill was intended to be a stop gap measure until more effective federal assistance was applied in the area.

Watch for reports in the near future about new foreclosure measures for Minnesota and also how the veto will affect Pawlenty’s chances of getting the nomination.

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