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Chapter 40B
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Bill Number

S#747/H#1290  (Now Ch. 206 of the Acts of 2007)

Title

An Act to Preserve and Promote Homeownership

Lead Sponsors

Senator Jarrett Barrios and Representative David Torrisi / Governor Deval Patrick

Status

Original bill referred to Joint Committee on Housing. Public hearing held on March 27, 2007. The committee discharged Section 5 (relating to mortgage companies) of the bills to the Financial Services Committee on May 21, 2007. The remaining text of the bills remained in the Housing Committee. On 07/23/07, the Senate referred S.2296 (new bill) to Third Reading. The bill was passed on 07/26/07 as S.2299, and passed the bill again as S. 2382.

In June, the Governor filed H. 4085, which was referred to the Joint Committee on Financial Services. Chairman Mariano, with the assistance of Chairman Honan redrafted the bill, which was reported out favorably by the Financial Services Committee after a public hearing in September. On October 18, the House passed the bill, now H. 4306, which is very similar to S. 2299.

The differences were quickly resolved and the Governor signed the bill on Nov. 29, 2007.

Summary

Foreclosure filings are up dramatically across the Commonwealth. This comprehensive proposal, supported by CHAPA, the Massachusetts Affordable Housing Alliance, the Massachusetts Association of Community Development Corporations, and others, including mortgage Community Reinvestment Act (CRA) language, licensing of mortgage brokers, a requirement of in-person counseling before a homeowner may be placed into a "high cost loan," and a right to cure a mortgage deficiency.

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