Massachusetts AG proposes new rules of consumer protection with regard to mortgages
new proposal to amend the regulations under the Consumer Protection Act (Massachusetts General Laws, Chapter 93A) aimed at curbing the practice of the mortgage industry have contributed to the current crisis partitioning in Massachusetts.
During the investigation and legal proceedings, we have some unfair and fraudulent practices, the Mortgage Brokers by some donors and credit, treating or mortgage to a borrower Massachusetts, “said Attorney General Coakley. These practices often disturbing, consumers mortgages they can not afford and hence an increase in contribution to foreclosures in the Commonwealth. We are convinced that the rules we are proposing today, the reduction of predatory practices, and limit the possibilities of this type of isolation crisis in the future.
Attorney General Coakley noted that provisions of the Confederation are needed to regulate financial institutions at the federal level and, more recently, others have joined the State Attorneys General require additional measures of consumer protection by the Federal Reserve Bank .
At this stage, is the Attorney General’s Office proposed four amendments to the current state of brokering mortgages, lenders and regulations. The new rules prohibit certain behaviors unfair and inaccurate. In particular, the regulations:
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