Senate President Therese Murray today announced that the Senate will take up a comprehensive bill tomorrow designed to address the current foreclosure/subprime lending crisis. The bill is will provide for more state oversight of the mostly out-of-state mortgage companies that have been peddling high-cost, exotic mortgage products. It also calls for the state to match employer contributions to housing benefits that they offer to employees. The bill will also license loan officers (you will probably read tomorrow that it licenses mortgage brokers but we have been doing that for 15 years – this bill extends licensing to the little guys – the on the ground loan officers). This is a good bill that puts Massachusetts in the lead in responding to the outrageous and deceptive lending practices of subprime mortgage companies – without costing taxpayers a nickel or bailing out the companies that ripped people off. Senate President Murray deserves credit for stepping forward (as do Senators Tucker, Buoniconti, Panagiotakos, Wilkerson, and Tarr)to move this bill now before the summer recess. You can read the bill here.
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