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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.