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The Commissioner of Banks ("Commissioner") is charged with the administration of Massachusetts General Laws chapter 167E, section 7 and Massachusetts General Laws chapter 167E, section 7A and applicable regulations found at 209 CMR 55.00 et seq., relating to the approval of reverse mortgage loans made in the Commonwealth. To ensure compliance with Massachusetts General Laws chapter 167E, section 7 the Commissioner has reviewed a solicitation received by a Massachusetts consumer from Home Savings of America ("Home Savings") a federally chartered Savings Association, established on September 1, 1934, located at 35 East Broadway, Little Falls, Minnesota, to determine if Home Savings has engaged in the business of, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 167E. Based upon such investigation, the Massachusetts Division of Banks ("Division") hereby issues the following CEASE DIRECTIVE ("Cease Directive") as a result of the findings alleged herein.
Dated at Boston, Massachusetts, this 4th day of November, 2011.
David J. Cotney
Commissioner of Banks