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 The last day for Massachusetts residents to register to vote in the Nov. 4 presidential election is Wednesday, Oct. 15. Out of town that day? Apply for an absentee ballot at your town or city clerk's office.
For more information or to find out if you are registered:
North Adams City Clerk: 413-662-3015
Williamstown Town Clerk: 413-458-9341 |
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Law Designed to Ease Mortgage Crisis - December 02, 2007
BOSTON - Gov. Deval Patrick has signed legislation designed to offer much-needed relief to homeowners struggling with soaring mortgage costs.
The law ensures the necessary legal and regulatory framework is in place to prevent mortgage crises for homeowners across the state, say state officials. With the provisions of this bill now law, Massachusetts has one of the most consumer protective mortgage lending statutes in the country.
"This legislation is a critical step in protecting homes, families and communities throughout the commonwealth," said Patrick. "These reform measures will give the commonwealth and its citizens some of the tools necessary to fight the surge in home foreclosures and unfair lending practices."
The legislation is the result of the coordinated efforts of the Patrick administration, House and Senate leadership and members, Attorney General Martha Coakley and Boston Mayor Thomas Menino. It also draws upon the recommendations of the Mortgage Summit Group, a partnership of 50 participants with a wide range of expertise � from nonprofit agencies, government agencies and the mortgage lending industry.
"The mortgage lending bill enacted by the Legislature and signed today by Governor Patrick marks another important step to address the subprime lending crisis and to prevent future abuses in mortgage lending," said Coakley. "We appreciate the governor's and the Legislature's attention to this matter, and look forward to ongoing collaboration as we continue our work to address issues around predatory lending in the commonwealth."
The statute creates a centralized statewide database of foreclosure activity to monitor and analyze foreclosures and foreclosure patterns at the Division of Banks and mandates that mortgage holders file a 90-day notice of intent to foreclose with the homeowner and the Division of Banks.
Further, this bill requires mortgagees to receive consumer counseling prior to obtaining nonconforming variable rate mortgage loans
Provisions of the law include:
● Improved oversight and monitoring of certain mortgage lenders.
● Requiring loan originators to be licensed by the Division of Banks and providing a $3 million appropriation to the division to implement the provisions of the bill.
● Extending $2 million in grants to establish 10 education centers around the state and promote first-time homebuyer and foreclosure counseling.
● Granting tenants of foreclosed properties additional rights.
● Requiring every mortgage to have endorsed on it the name, address, and license number of the mortgage broker and mortgage originator, if applicable.
● Mandating an accounting of the disposition of the proceeds of a foreclosure sale to a foreclosed consumer, including whether there is any surplus due to the consumer or if any deficiency remains.
● Requiring a 90-day "right to cure," or intent to bring a loan current, and that a notice of the right to cure be filed with the Division of Banks.
● Establishing the database to include information on all preliminary right to cure or foreclosure filing notices and all final foreclosure sale information.
● Requiring that the holder of a mortgage notify the Division of Banks of the date of a foreclosure sale and the purchase price of the property.
● Prohibiting a subprime adjustable rate mortgage for first-time homebuyers unless they affirmatively opt into a subprime adjustable rate product and get in-person counseling from a certified counselor.
A number of legislators played critical roles in the passage of the legislation.
"This new law will help protect homebuyers from predatory lending and bring meaningful assistance to those facing foreclosure," said House Speaker Salvatore F. DiMasi, D-Boston. "This problem is only going to get worse so acting now with this bold measure is critically important." |
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