Mass. Division of Banks wants forced loss mitigation

Regulators in Massachusetts are working on a rule that would force mortgage servicers to back off foreclosure proceedings as soon as borrowers file a loan modification application, the Boston Herald reported this week. 

The news agency says the Massachusetts Division of Banks announced a proposal that would create this type of requirement for servicers.

The proposed rule was filed with the Division of Banks this week and will be open for public comment at a hearing on Nov. 29.

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