Alert July 14, 2009

Massachusetts Division of Banks Releases Report Concerning Foreclosure and Mortgage Lending Issues in Massachusetts

The Massachusetts Division of Banks (the “DOB”) issued a report entitled Compendium of Actions Taken Relative to Foreclosures and the Mortgage Industry (the “Report”), in which the DOB describes the administrative and legislative actions it has taken since 2006 to address foreclosure and mortgage lending issues in Massachusetts.  The Report describes: (i) improved standards within the mortgage industry; (ii) enhanced supervision and enforcement (the Report states that since 2006, the DOB has issued 230 informal and 147 formal enforcement actions against licensed mortgage lenders and brokers); (iii) assistance programs for homeowners and (iv) improved state and local cooperation in addressing foreclosure and related mortgage industry issues.  Click here for a copy of the Report.