By the Division of Banks

Preventing Mortgage Abuse

HOPE Hotline to Help Avoid Foreclosure

If you are currently having, or anticipate having difficulty making the payments on your mortgage, or have recently received a foreclosure notice, you are urged to contact NeighborWorks' HOPE Hotline at (888) 995-HOPE (4673), or at Counselors on the HOPE Hotline are available 24 hours a day, 7 days a week to advise you on the resources available to Massachusetts homeowners.

The Division of Banks has implemented a coordinated plan designed to address abuses by mortgage lenders and brokers. Several recent investigations have produced evidence that some mortgage lenders and brokers have purposely steered perspective consumers, often of low and moderate-income or limited English language ability, into loans that they can not afford by using misleading tactics and, in some cases, committing fraud. The plan combines enforcement and regulatory initiatives and community and industry partnership and outreach, including a summit of government, industry, and non-profit organizations to craft a coordinated statewide foreclosure prevention strategy.

State Regulators Issue Examination Guidelines for Reverse Mortgages (December 8, 2008)

Massachusetts Becomes First State Accredited Under CSBS Mortgage Supervision Program (December 4, 2008)

State Division of Banks Takes Action Against Illegal Reverse Mortgage Programs Targeting Seniors (September 24, 2008)

Foreclosure Prevention Legislation (November 30, 2007)

Commissioner Testifies on Mortgage Reform & Anti-Predatory Lending Act of 2007 (October 24, 2007)

Foreclosure Prevention Plan Unveiled (October 18, 2007)

Statement on Loss Mitigation Strategies for Servicers of Residential Mortgages (September 4, 2007)

Federal Reserve Bank of Boston: Massachusetts Mortgage Summit Issues Recommendations (July 2007)

State Financial Regulators Issue Joint Statement On Sub-prime Lending For State-Licensed Mortgage Lenders (July 17, 2007)

Patrick Administration Unveils New $250 Million Mortgage Loan Program to Help Homeowners Struggling with Subprime Loans (July 11, 2007)

Consumer Alert on ARM Payment Increases (July 11, 2007)

Industry Letter on ARM Payment Increases (July 11, 2007)

Commissioner Testifies Before Federal Reserve on Encouraging Responsible Mortgage Lending (June 14, 2007)

Mortgage Fraud Legislation Filed (June 11, 2007)

Division of Banks to Seek Case-by-Case Delay on Foreclosures (April 30, 2007)

Action to Address Home Foreclosures (April 25, 2007)

Report of the Mortgage Summit Working Groups (April 11, 2007)

Commissioner Testifies Before US Congress on Subprime and Predatory Mortgage Lending (March 27, 2007)

NeighborWorks® America Honors Commissioner Antonakes with Government Service Award (March 21, 2007)

Division of Banks Announces Actions Against New Century Mortgage, Other Licensed Mortgage Companies (March 13, 2007)

Division of Banks Announces Commitment to Participate in CSBS/AARMR MORTGAGE Licensing System  (February 28, 2007)

Industry Letter Regarding Regulatory Bulletin 5.1-103: Guidance on Non-Traditional Mortgage Product Risks  (January 2, 2007)

Industry Letter Regarding Guidance on Nontraditional Mortgage Product Risks  (November 14, 2006)

CSBS Forms LLC to House National Mortgage Licensing System (October 5, 2006)

Press Release (October 2, 2006) - Division of Banks Announces Latest Actions in Crackdown on Mortgage Fraud

Press Release (October 2, 2006) - Consumer Alert: Guidance for a Mortgage Loan Transaction

Press Release (September 8, 2006) - Division of Banks Cracks Down on Abusive Mortgage Lenders and Brokers, Outlines Broader Anti-Foreclosure Initiative

Industry Letter Regarding Reduced Documentation Mortgage Loans, September 8, 2006

Emergency Regulations Regarding Prohibited Abusive Acts and Practices

Enforcement Actions

National Mortgage Database Initiative

Why Interest-Only Mortgages Are Not In All Consumers' Best Interest

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