Bill > H889

This bill, also known as the "Jubilee Act for Responsible Lending and Debt Cancellation of 2015," proposes a 10-year moratorium on foreclosures for any mortgages registered with MERS (Mortgage Electronic Registry Service), a system that tracks mortgage ownership. The bill's findings suggest that many homeowners are burdened by debts due to a flawed and deceptive lending system, where banks allegedly create money through loans and charge unpayable interest, leading to widespread foreclosures. It highlights issues such as the separation of promissory notes from mortgages, lack of transparency, and legal challenges where mortgage servicers have been unable to prove ownership, referencing a Massachusetts Supreme Court ruling in the Ibanez case.