Gov. Patrick addresses rising foreclosure crisis

BOSTON – Gov. Deval L. Patrick has announced regulatory action and proposed legislation to assist Massachusetts families facing foreclosure.
“It is vital that we have an effective and immediate action plan in place to help homeowners facing foreclosures,” Patrick said in a statement.
Initiatives announced include:
• Consumer assistance and education for homeowners who may be facing foreclosure.
• Implementing regulatory changes that increase licensing and education requirements for mortgage lenders and brokers to eliminate disreputable firms and practices.
• Drafting legislation to increase protections for consumers and provide penalties for mortgage fraud.
• Building on the partnerships between government, nonprofit organizations and the mortgage industry to improve the support for homeowners and monitoring of the industry.
The governor’s April 25 actions encompass recommendations put forth by the state Mortgage Summit Group, which was convened this month in response to rising foreclosures both locally and nationally.