The exact language of the agreed upon legislation has not been made public yet. Although there were fears that the bill would be significantly watered down, it now appears that most of what was in the original bill indeed remained in tact, in not in word, then at least in spirit. This includes a pre-foreclosure notice to delinquent borrowers that gives them a ninety day window to get foreclosure prevention assistance; a mandatory settlement conference that compels lenders to sit down with subprime borrowers to try to work out an alternative to foreclosure; the establishment of an ability to pay standard which compels lenders to determine that borrowers can actually repay their loan; and requirement that brokers must act in the borrowers interests.

There were, however, casualties. For instance, the prohibition on yield spread premiums did not survive, nor did the private right of action provision, which would have given the borrower the right to sue the lender for violating the law.

Several newspapers also made note of the fact that Senator Frank Padavan's foreclosure moratorium bill, which was being pushed by ACORN, was not considered, although the political survivability of that bill had been question for some time.

If the written version of the Governor's reconciled bill indeed reflects what has been reported thus far, it will signify a big victory for economic justice advocates and homeowners across the state.