There is a very interesting op-ed in the Globe today by Tom Reilly’s campaign finance chairman, Alan Solomont and Esther Schlorholtz from Boston Private Bank & Trust. While Ameriquest is not mentioned specifically, the subprime mortgage lending issue is front and center. In the article, Solomont endorses the Homeownership Investment Act legislation that has been filed on Beacon Hill. This bill would create responsible lending responsibilities for mortgage companies similar to the Community Reinvestment Act requirements facing banks and credit unions. Full disclosure – I work for the Massachusetts Affordable Housing Alliance, the main non-profit sponsor of the bill.
MAHA has invited all of the candidates for Governor to a community forum on June 7 at 7PM at the Reggie Lewis Track & Athletic Center in Roxbury to address this legislation and other issues affecting first time homebuyers in this high cost state. Is this op-ed a signal that Reilly might get behind the bill? Or will Patrick make the first move and endorse a bill that would regulate Ameriquest and other high-cost mortgage companies?
Stay tuned.
