These hearings are being held by the DOB to receive oral comments relative to the amendments to existing regulations, 209 CMR 32.00: Disclosure of consumer credit costs and terms and 209 CMR 42.00: The licensing of mortgage lenders and mortgage brokers; and the adoption of proposed new regulations, 209 CMR 40.00: Unfair and deceptive practices in consumer transactions. The purpose of adopting new regulations and to amend existing regulations is to address certain abuses in the high cost mortgage lending industry. Both the new regulations, 209 CMR 40.00, and the amendments to 209 CMR 32.00 and 209 CMR 42.00 are intended to provide additional consumer protections to protect mortgage borrowers from predatory mortgage lending practices.
Notes
- Written Comments are provided in Adobe Acrobat Portable Document Format (PDF).
- Files may take several minutes to load depending on the file size, your internet connection speed, internet traffic congestion, and other factors. File sizes are provided following the Comment description.
- To request copies of Comments, please contact the DOB's Consumer Assistance Unit.
Written comment received before hearings
Written comments received Tuesday, September 19, 2000 in Boston at public hearing
- Jennifer Davis Carey, Director of Consumer Affairs and Business Regulation
- Representative Kevin W. Fitzgerald, Mission Hill, 15th Suffolk District
- MaryAnn Clancy, Massachusetts Credit Union League, Inc.
- William F. Burfeind, Consumer Credit Insurance Association, Chicago, IL
- Ronald J. Pugliese, Household International, Hartford, CT
- Pamela Kogut, Office of Attorney General Tom Reilly
- Philip Freehan, Massachusetts Bankers Association
Oral comments received Tuesday, September 19, 2000 in Boston at public hearing
- Dale Zelony, Community Bank League of New England
- Tim Davis, City of Boston
- Alliea Groupp, ACORN
- Mrs. O'Neil, ACORN
- Susan Zuber, Mass. Mortgage Bankers Assoc.
- Odette Williamson, National Consumer Law Center
- Clair A. Carlson, Jr., Atty., Mason & Martin, LLP
Oral comments received Wednesday, September 20, 2000 in Worcester at public hearing
- Jennifer Davis Carey, Director of Consumer Affairs and Business Regulation
- Representative Paul Kujawski, Webster, 8th Worcester District
- Len Raymond, H.O.M.E.
Written comment received Thursday, September 21, 2000 in Holyoke at public hearing
- Claudia Ormrod, Household Insurance Group
Oral comment received Thursday, September 21, 2000 in Holyoke at public hearing
- Jennifer Davis Carey, Director of Consumer Affairs and Business Regulation
- James Demers, New England Financial Services Association, Concord, NH
- Andrew Morehouse, Greater Holyoke CDC
- Michael J. Sullivan, Mayor of Holyoke
- Raquel Maldonado, ACORN
- Nelsonia Santiago, ACORN
- Manuela Santiago, ACORN
Written comments received after the public hearings
- Representative Robert M. Koczera, New Bedford, 11th Bristol District
- Jerome D. Margulies, President, Mansfield Mortgage Services, Inc.
- James C. Dougherty, President, Massachusetts Mortgage Association
- Elizabeth DePaula Arias, Household Finance Corporation
- Elizabeth Renuart, National Consumer Law Center
- Clair A. Carlson, Jr., Atty., Mason & Martin, LLP
- William J. Wagner, President, Chicopee Savings Bank
- James M. Demers, New England Financial Services Association(2)
- Linda S. Davis, CitiFinancial Services, Inc., Baltimore, MD
- Dale Zelony, Community Bank League of New England
- Susan Zuber, Massachusetts Mortgage Bankers Association
- Elena Delgado and Brendan N. Kenneally, Irwin Home Equity, San Ramon, CA
- Sandor E. Samuels, Countrywide Home Loans, Calabasas, CA
- Barbara Anthony, Federal Trade Commission, Northeast Region, New York, NY
- Option One Mortgage Corporation & H&R Block Mortgage Corporation
Written comments received after the comment period
- L. Richard Covert, American Financial Services Association, Washington, DC
- James Demers, President, New England Financial Services Association
- Charlotte Golar Richie, Chief and Director, Department of Neighborhood Development, City of Boston