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News Now

CU System
Mass.s foreclosures bill passes legislature
MARLBOROUGH, Mass. (8/6/10)--The Massachusetts legislature this week approved legislation that would affect mortgage foreclosures. The Massachusetts Credit Union League worked to represent the interest of both state and federally chartered credit unions on the topic. The league provided oral and written testimony on dozens of proposals before multiple legislative committees and requested a centralized, legislative task force to address the topic. Aspects of the myriad of proposals--which were successfully defeated at the request of the league and others--include mandatory judicial review of mortgage foreclosures, mediation, payment of utilities for tenants, the creation of an abandoned property database, translation of documents into multiple languages and the licensing of credit union mortgage loan originators (eWeekly Aug. 4). The league has prepared an analysis of the bill’s impact on Massachusetts credit union mortgage lenders.


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