New Mortgage Regulations in Massachusetts - Attorney General Seeks Reasonable Treatment for Borrowers
I am happy to report that the Attorney General has promulgated new regulations to protect mortgage borrowers in Massachusetts. The full text of the regulations can be found HERE.
The gist of the regulation is that Massachusetts will no longer permit mortgage lenders and brokers to make loans on unreasonable terms or that are clearly loans that would be unlikely to be repaid by borrowers. There are also provisions for disclosure and translation for non-English speaking borrowers. Hooray for Martha Coakley and the Consumer Protection Division of the Massachusetts Attorney General's Office!
