From STL Today
''The mortgage industry is in an uproar over a proposal that would require banks to participate in professional mediation before foreclosing on St. Louis County homeowners.
Bankers predict big problems if the St. Louis County Council approves the measure, which they say would burden lenders, discourage mortgage lending and drive up interest rates.
“You would have to do something entirely different when servicing properties in St. Louis County. If every municipality tried to impose their own guidelines, imagine the havoc,” said Keith Thornburg, general counsel of the Missouri Bankers Association.“It's very chilling for home buyers trying to get a loan.”
Baloney, say mediation advocates.''
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