Anti-Foreclosure Law Rally on the Statehouse Steps 6/6/2012

Rally on the Statehouse Steps 

Vida Urbana (City Life) (correction www.newroad.us) asks that you rally on the Massachusetts Statehouse Steps at 1 Ashburton Place today at 3:00PM EST to fight the early vote on a non-inclusive anti-foreclosure law.

UPDATE: Rally was scheduled "through the afternoon" today. The 3PM - 6PM time frame was for yesterday. 

This morning at 2:30AM EST members of Occupy Boston and Vida Urbana (City Life)  have "occupied" the Massachusetts Statehouse steps in order to "fight for a real anti-foreclosure law that doesn't let big banks off the hook"  The official rally pops off at 3:00PM EST and will convene again at 6:00PM EST.  

Vida Urbana and Occupy Boston want you to know; "within days, (today) the MA State Legislature will vote on an anti-foreclosure law. But the legislation currently being considered is weak: It won't apply to the vast majority of foreclosures, it doesn't force banks to mediate face to face prior to foreclosure, doesn't prevent unnecessary vacancies..."

From Go Local Worcester by: Ashley Palumbo

       "The proposed bill is called An Act Preventing Unlawful and Unnecessary Foreclosures. If passed, it would hold banks to a new standard – requiring lenders to determine if the cost of foreclosure is less than the cost of loan modification. According to Grace Ross, a member of the Worcester Anti-Foreclosure Team, that is rarely the case.

“We know there are studies out there that they lose a lot less money if they modify loans,“ said Ross.

While Ross sees this legislation as a step in the right direction, she claims the current form of the bill could actually make the process harder for homeowners.

“Banks can sign a document saying they went through the appropriate foreclosure process and they wouldn’t have to prove that in court,” Ross said. “That would undermine the Attorney General’s new standard and hurt a whole slew of new people.” 

And that isn’t Ross’s only problem with the legislation. She says it neglects to outline any formal notification process. In other words, nothing will be done to notify homeowners who could use the bill as leverage for loan modification or to secure more time for negotiation.

The Attorney General’s Office says the most important issue is getting the bill passed."

Current MA foreclosure law summarized 

MA foreclosure law in-depth

MGL c.244 Foreclosure and Redemption of Mortgages.

MGL c.260, s. 33 Limitation of mortgage foreclosures

209 CMR 56: Right to Cure a Mortgage Default (with form for notice)

940 CMR 25: Foreclosure Rescue Transactions and Foreclosure-Related Services

Additional details via Mass Alliance Against Predatory Lending

Update: There is no indication on the Vida Urbana website that this is a sponsored action, the flyer being handed out says "www.newroad.us" which links to Mass Alliance Against Predatory Lending.  Volunteers on the steps were wearing Chelsea, MA chapter shirts for City Life.