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New England News
Wed July 25, 2012
MA House Passes Foreclosure Prevention Compromise Bill
The Massachusetts House of Representatives has passed a compromise bill designed to prevent unnecessary home foreclosures in the state by forcing modifications for certain mortgage loans. WAMC’s Lucas Willard has more…
State representatives voted unanimously in favor of the conference committee's compromise bill Wednesday. It now heads to the Senate, which is expected to vote on the proposal during its Thursday session.
The bill includes provisions to create a task force to study mediation programs and their effectiveness, as well as ways to prevent unnecessary vacancies following foreclosures in the state. Based on recommendations from Massachusetts Attorney General Martha Coakley, the bill also requires mandatory modifications for risky mortgage loans.
Democratic Rep. Michael Costello, of Newburyport, who headed the foreclosure conference committee, said the bill will provide Massachusetts residents facing foreclosure with necessary relief.
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