OLYMPIA, Wash. — Gov. Chris Gregoire says she's worried that the national problems with sub-prime home mortgages will plague many Washington homeowners. She is creating a state task force to educate consumers and recommend remedies.
State government already is running radio and print ads and is helping prosecute companies that violate the state's mortgage fraud law.
The governor told reporters Monday that Washington has less than half the national average for so-called sub-prime mortgages, and fewer defaults and foreclosures. She said the state doesn't directly regulate the financial institutions that provide these mortgages, but said it's time to get ahead of the curve.
She named a 12-member panel to look at the extent of the problem in Washington and issue a report by Dec. 31.
—The Associated Press