HOUSE DOCKET, NO. 3480 FILED ON: 1/14/2009
HOUSE . . . . . . . . . . . . . . No. 1510
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
William Lantigua
_______________
To the Honorable Senate and House of Representatives
of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act to establish a temporary moratorium on foreclosures in the Commonwealth.
_______________
PETITION OF:
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Name:
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District/Address:
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Carlo P. Basile
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1st Suffolk
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William N. Brownsberger
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24th Middlesex
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William Lantigua
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16th Essex
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Rosemary Sandlin
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3rd Hampden
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Brian P. Wallace
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4th Suffolk
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Geraldo Alicea
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6th Worcester
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Matthew C. Patrick
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3rd Barnstable
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Gloria L. Fox
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7th Suffolk
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John W. Scibak
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2nd Hampshire
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Willie Mae Allen
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6th Suffolk
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Timothy J. Toomey, Jr.
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26th Middlesex
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Alice K. Wolf
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25th Middlesex
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Linda Dorcena Forry
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12th Suffolk
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Marc R. Pacheco
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First Plymouth and Bristol
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Anthony D. Galluccio
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Middlesex, Suffolk and Essex
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Theodore C. Speliotis
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13th Essex
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Martha M. Walz
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8th Suffolk
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Mark C. Montigny
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Second Bristol and Plymouth
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Sarah K. Peake
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4th Barnstable
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Bruce E. Tarr
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First Essex and Middlesex
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Pam Richardson
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6th Middlesex
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Elizabeth A. Malia
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11th Suffolk
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Stephen L. DiNatale
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3rd Worcester
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David L. Flynn
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8th Plymouth
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Barbara A. L'Italien
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18th Essex
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David B. Sullivan
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6th Bristol
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Jay R. Kaufman
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15th Middlesex
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Frank I. Smizik
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15th Norfolk
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Carl M. Sciortino, Jr.
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34th Middlesex
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Joyce A. Spiliotis
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12th Essex
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Byron Rushing
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9th Suffolk
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James J. O'Day
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14th Worcester District
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James Cantwell
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4th Plymouth
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Robert M. Koczera
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11th Bristol
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Vincent A. Pedone
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15th Worcester
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Steven J. D'Amico
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4th Bristol
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John P. Fresolo
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16th Worcester
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John F. Quinn
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9th Bristol
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James B. Eldridge
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Middlesex and Worcester
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Jennifer M. Callahan
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18th Worcester
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Denise Provost
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27th Middlesex
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Kay Khan
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11th Middlesex
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Paul McMurtry
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11th Norfolk
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Christopher J. Donelan
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2nd Franklin
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Kevin Aguiar
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7th Bristol
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Denis E. Guyer
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2nd Berkshire
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Robert F. Fennell
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10th Essex
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Sean Garballey
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23rd Middlesex
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Antonio F.D. Cabral
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13th Bristol
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Paul J. Donato
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35th Middlesex
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Ellen Story
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3rd Hampshire
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Benjamin Swan
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11th Hampden
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Peter v. Kocot
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1st Hampshire
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Anne M. Gobi
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5th Worcester
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Lida E. Harkins
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13th Norfolk
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[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 4733 OF 2007-2008.]
The Commonwealth of Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act to establish a
temporary moratorium on foreclosures in the Commonwealth.
WHEREAS the deferred operation of this act would tend to defeat its purpose, which is to protect citizens of the Commonwealth, therefore it is hereby declared to be an emergency law necessary for the immediate protection of the public.
Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
SECTION 1.
Notwithstanding the provisions of any general or special law to the
contrary, no foreclosures shall be conducted for a period of one hundred and eighty (180) days after the effective date of this section, on any residential real estate located in the Commonwealth having a dwelling house with accommodations for four or less
separate households and occupied in whole or in part by an obligor on the mortgage debt,
on
a
ny mortgage from which is
presumptively
unfair by virtue of having one of the following:
(a) adjustable rate loans with an introductory period of three years or
less; and a debt-to income ratio in excess of 50 percent under the fully indexed rate; and a loan-to-value ratio of 97 percent or greater, or substantial pre-payment penalties or pre-payment penalties that extend beyond the introductory period;
(b)
inte
rest
only loans
;
(c)
loans
with high points, fees or interest in violation of the Predatory Home Loan Practices Act, G.L. c.
183C
§2.
No register of deeds or assistant recorder of the land court shall accept for recording or filing for registration any
foreclosure deed pursuant to a foreclosure conducted in violation of this act during said 180-day period.
During the 180-day moratorium period, mortgage holders shall provide an authorized representative to enter into good faith negotiations with borrower
s who so request, to modify the terms of their mortgages
, including, reducing the principal, lowering the interest rate, eliminating pre-payment penalties, and other fees and costs so that qualified homeowners can obtain affordable mortgages that will allo
w them to stay in their homes. No fees or penalties shall accrue during the moratorium period.
