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Homeowners press lawmakers to let state reclaim and rework predatory mortgage assets
Summary
Multiple homeowners and housing advocates urged the Joint Committee on Financial Services to pass H.1146/H.1147, legislation proponents say would allow the Commonwealth to recognize and administer mortgages that were invalidly securitized and to create a fund to rewrite or otherwise make those loans affordable.
Dozens of homeowners and advocates told the Joint Committee on Financial Services that state legislation (filed as H.1146/H.1147) is needed to address what witnesses described as a backlog of predatory, improperly securitized mortgages that have produced illegal foreclosures and ongoing harm.
Grace Ross of the Mass Alliance Against Predatory Lending said the bill would create a vehicle for the state to “step in” and convert improperly securitized loans into legitimate, affordable mortgages and to establish a fund administered by…
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