Bill

Bill > H1073


MA H1073

To establish a resolution trust fund for receipt of reasonable mortgage payments


summary

Introduced
03/29/2021
In Committee
03/29/2021
Crossed Over
Passed
Dead
12/31/2022

Introduced Session

192nd General Court

Bill Summary

For legislation to establish a trust fund to protect citizens of the Commonwealth and municipalities impacted by the mortgage foreclosure crisis. Financial Services.

AI Summary

This bill establishes a Resolution Trust Fund to protect citizens of the Commonwealth and municipalities impacted by the mortgage foreclosure crisis. The Fund is authorized to receive mortgage loans where the current mortgagee and/or note-owner cannot be identified, as well as monies from various sources, including the General Fund and settlement funds. The Fund will service these mortgages, modifying them to comply with traditional prime lending characteristics if necessary, and will make efforts to assist homeowners in staying in their homes. Any proceeds from the sale of foreclosed properties will be credited to the Fund. The Fund's monies will be distributed to counties based on the proportion of "Eaton" affidavits filed, with local hearings held to determine the distribution and usage of the funds within each county, focusing on affordable housing and community development projects.

Committee Categories

Business and Industry

Sponsors (3)

Last Action

Accompanied a study order, see H4976 (on 09/01/2022)

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