Mass. Governor Files Mortgage Fraud Bill

Reports out of Boston, Massachusetts today are that Massachusetts Governor Deval Patrick filed mortgage fraud legislation to protect the increasing number of families in Massachusetts facing foreclosure. Among other things, the bill would ban foreclosure rescue schemes that allow homeowners to stay in their home in exchange for signing over the property.

Earlier this month, Attorney General Martha Coakley adopted an emergency ban on rescue schemes, which she said entice homeowners facing foreclosure to sign over their property to a temporary purchaser, under the false hope it will help them keep the home over the long run. For more, see:

• Governor Files Mortgage Fraud Legislation (Patrick Hopes To Protect Families Facing Foreclosure). (WCVB-TV Channel 5)
• Watch a related Channel 5 WCVB-TV report (by Janet Wu)
• Patrick files bill to criminalize mortgage fraud (Associated Press; Boston Herald)
• Patrick files bill to help home buyers (Law would offer safeguards against riskier mortgages) (The Boston Globe)