Coakley: proposed law would help lower number of foreclosures

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Coakley: proposed law would help lower number of foreclosures

Coakley: proposed law would help lower number of foreclosures

Boston Globe-

Attorney General Martha Coakley,calling the foreclosure crisis a key challenge to the state’s economic recovery, yesterday urged Massachusetts lawmakers to approve legislation meant to push more lenders into helping financially-stressed homeowners save their homes.

Coakley testified before the Joint Committee on Financial Services in favor of a bill that would require lenders to modify certain mortgage loans when such agreements make more economic sense than property seizures.

“The single biggest thing we can do to spur economic recovery is to address the foreclosure crisis,’’ Coakley said. “This bill proposes a reasonable means to achieve large-scale loan modifications for homeowners, allowing people to stay in their homes and avoiding the negative impact of increased abandoned properties in our communities.”

[BOSTON GLOBE]

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2 Responses to “Coakley: proposed law would help lower number of foreclosures”

  1. I sat directly behind Attorney General Martha Coakley when she testified yesterday before the joint Committee on Financial Services. She said: “The single biggest thing we can do to spur the economic recovery is to address the foreclosure crisis.”

    I addressed the foreclosure issue in my testimony in favor of H01193, the Jubilee Act with the single biggest thing we can do to spur the economic recovery. That is….. massive forgiveness…..”start fresh” I said. This is not just some flippant statement by an old Vietnam Veteran but is the well researched conclusion stated emphatically in the highly regarded October 2011 policy paper of the New America Foundation called The Way Forward. I quote: “Moreover, we are at any event now at a point in the debt crisis where it is clear that actions to work with borrowers on reconstruction and debt forgiveness—-including households in the United States and sovereigns in the Euro-zone represent the only effective means of maximizing overall recoveries.”

    I hope I made myself perfectly clear!

    david snieckus
    99 Crescent Street
    Newton, Ma 02466
    617-964-2951

  2. Eugene Villarreal says:

    As an old Viet Nam veteran, also, I don’t need to step outside and get wet to know that’s raining. I’m personally in foreclosure and I’m grateful for any positive sign that will help all homeowners but, it always seems to be on the back of borrowers(homeowners). Every politician wants the banks to work with the borrowers and the bank want a “balanced outcome” and the only thing that is left out is the massive fraud the banks have inflicted upon the American public, courts and political ststems. This is the plague that has covered our counrty and there’s not quick fix on the horizon.

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