MA Division of Banks to Hold Hearings on Foreclosure Bill - January 14, 2011

The Division of Banks will hold three public informational hearings in late January to obtain comments on implementing certain provisions of Chapter 258: An Act Relative to Mortgage Foreclosures. Prior to proposing regulations, the Division requests information and comments on the notice of a consumer’s right to cure in advance of foreclosure and provisions relative to reverse mortgage loans.

While the Division welcomes all comments on the right to cure notice and on reverse mortgages, attached are specific questions to which the Division seeks feedback. The press release provides the dates and locations of the public hearings. Comments may also be submitted in writing to the Division’s Legal Unit. Additional announcements relative to the hearings and subsequent rulemaking schedule will be posted on the Division’s website.

The Division appreciates any feedback from your organization and the community as we prepare to propose regulations.