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Patrick Orders Closer Look at Response to Struggling Borrowers - May 30, 2008
 | | Gov. Deval Patrick |
BOSTON — The governor wants a report card on lenders who fail to work with struggling homeowners.
In order to increase the pace of lenders responding to homeowners hardest hit by the foreclosure crisis, Gov. Deval Patrick has asked the Division of Banks to begin evaluating all state-licensed mortgage lenders on the basis of the speed and number of loan modifications they complete for delinquent borrowers seeking help.
Officials say this first-in-the-nation action enhances one of the key provisions of the state's new foreclosure prevention law, signed by the governor in November 2007, which made Massachusetts the only state in the country to extend its already aggressive CRA-type requirements to non-bank mortgage lenders.
Under CRA, mortgage lenders' records of helping to meet the mortgage credit needs of the areas within which they do business are evaluated through public examinations and ratings. Today's action would further extend CRA to include this evaluation through proposed regulation and the pace at which all state-licensed mortgage lenders address the needs of the borrowers and modify loans will be assessed and made public.
"More can be and must be done to help those homeowners who are most at risk of losing their homes," said Patrick. "It is important that all lenders do their part by being responsive to those who face the threat of foreclosure. Today's action is intended to hold lenders responsible for the quality of their response and push for the most successful and immediate solution that will allow borrowers to remain in their homes."
The administration will also bring together lenders and homeowners for face-to-face meetings at regional workshops in communities that have been hard hit by the national rise in mortgage foreclosures. The following lenders will participate in the workshops: Bank of America, CitiBank, JP Morgan Chase, Countrywide Financial, GMAC Mortgage, Option One, Washington Mutual and Wells Fargo.
Representatives from these lenders will conduct individual sessions with homeowners and can approve loan modifications and debt restructuring plans that result in more affordable monthly payments for borrowers. These daylong workshops are designed to increase the pace of loan modifications and prevent foreclosures. The workshops are planned in Springfield and Brockton in June, with plans for others in the works for July in other hard hit areas throughout the state.
"Too frequently we hear that a homeowner in crisis or housing counselors have difficulty getting in direct contact with lenders and servicers. This is not acceptable," said Dan Crane, undersecretary of consumer affairs and business regulation. "These workshops are designed to remove roadblocks to the loan modifications and other potential solutions that will keep people in their homes over the long-term. Bringing lenders and homeowners together is a critical component of our efforts to preserve homeownership and stabilize neighborhoods across Massachusetts."
These efforts further underscore the administration’s comprehensive and standard-setting response to the rising tide of foreclosure. A recent report from the Pew Charitable Trusts examined how states have responded to the national crisis. The study cited Massachusetts' new 90-day right to cure a mortgage default and other initiatives, ranking Massachusetts in the top tier of states that have launched comprehensive foreclosure prevention plans.
"Massachusetts, through the leadership of the Patrick-Murray administration, has proven itself to be one of the most aggressive states on the issue of foreclosure prevention," said John Taylor, president and CEO of the National Community Reinvestment Coalition. "Governor Patrick is doing on a state level what must be done nationally to address the rising tide of foreclosures in this country."
Since 2007, the Patrick-Murray administration and the Legislature have a number of measures to keep Massachusetts citizens in their homes, including borrower outreach and education; NeighborWorks HOPE hotline; a Web site of foreclosure resources, www.mass.gov/foreclosure; more than 700 voluntary stays through the Division of Banks for homeowners facing imminent foreclosure; stronger regulatory supervision; neighborhood stabilizations projects, and licensing of mortgage loan originators and tracking foreclosures.
For a schedule of the regional workshops and foreclosure assistance, visit www.mass.gov/foreclosure. |
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