Mass. Senate Passes Bill To Require Foreclosure Mediation

Law360, New York (June 7, 2012, 5:37 PM EDT) -- The Massachusetts Senate on Wednesday pushed through a bill to force banks and special servicers to mediate with borrowers and more closely analyze loan documents before moving to foreclose, the latest measure by a state to help homeowners swept up in the wave of foreclosures sparked by sloppy record-keeping.

The legislation, introduced by Martha Coakley, the state's anti-foreclosure crusading attorney general, would hold lenders and servicers to a new standard: requiring them to determine if the cost of foreclosure is less than the cost of modifying...
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