Bill > H1073

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.

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https://malegislature.gov/Bills/192/H1073