Wisconsin lawmakers are moving ahead this week with a bipartisanbill to shorten the foreclosure process for abandoned property as ameans to aid Milwaukee in controlling blight.

The state Senate on Tuesday voted out the Expedited ForeclosureBill aimed at protecting homeowners while retaining “prudentmortgage practices”, said the Wisconsin Credit UnionLeague.

The measure is now headed to the Wisconsin House where it isconsidered likely to pass.

The bill has the backing of both the league and the WisconsinBankers Association as well as the city of Milwaukee, which isseeking legislative relief.

In a statement, the Wisconsin League said it “supportscommunities' effort to control blight, encourage redevelopment andprotect home values through the adoption” of the bill but “but tobe clear, the purpose of SB 307 is quite narrow and targeted atonly shortening the foreclosure process for abandoned properties;which is a particular challenge for the city of Milwaukee.”

According to the league's government affairs vice president TomLiebe, “Credit unions are not advocating for additional changes toshorten the foreclosure process or limit homeowner's rights andcontinue to support a balanced procedure for foreclosure.”

Liebe added, “Credit unions have never deviated from their practice of making prudent mortgageloans and to lead the industry when it comes to keeping consumersin their homes when faced with challenging financialcircumstances.”