WHAT -- FORECLOSURE LEGISLATION SIGNED in MICHIGAN will others follow

Foreclosure Legislation Signed-Wow - Governor Snyder has signed HB 4542-4522, which extends the 90-day workout period, to address Michigan’s foreclosure redemption period. This legislation also eliminates special treatment of property greater than 3 acres by requiring that proof of agricultural activity is provided. Early on in the process, MAR successfully fought attempts to shorten the foreclosure redemption period from six months to three months only for those loans not sold on the secondary market, mainly those loans held by community banks and credit unions. Research has shown that on average a short sale takes 176 days to go through the process. Feedback from NOCBOR members further solidified MAR’s stance as membership has indicated that most often a short sale does not begin until the home owner is already behind on payments. In the end, this legislation was not brought forward. You will continue to see discussion on Michigan’s redemption period over the next year, as the 90 day pre-foreclosure workout period will sunset in January, 2013.    Was legislation like this the answer for short term solutions?  They don't have enough employees in the State and Federal government now to do the tasks at hand will they be able to do this effectively.