MAAPL – The Massachusetts Alliance Against Predatory Lending

MAAPL has added the following new documents to its resource library:

• Testimony by Nadine Cohen to Congress: Opposing Mega Merger of Capital One and ING”  PDF
• “MAAPL’s response to Fannie Mae’s Request For Information on the proposed disposition of post-foreclosure properties”  PDF | DOC
• Vacant Spaces: The External Costs of Foreclosure-Related Vacancies in Boston by Sam Simon  PDF

Click the PDF or DOC links to download these documents onto your computer. PDF files require Adobe Acrobat Reader to be installed on your computer–DOC files require Microsoft Word or a Word-compatible word processing program.

On Wednesday, October 19, 2011, MAAPL held a Press Conference at the Jewish Alliance for Law and Social Action, 18 Tremont St. in Boston to announce the release of a new major report on the wide range of harms–from health to economy to tax base to domestic violence–caused by accumulating foreclosures, all focused on Massachusetts-specific data. Surveying substantial research in this area (some of it just published), this report cites Massachusetts-specific figures in multiple areas, pointing to possible policy solutions based on best practices being proven in other jurisdictions.

Joining MAAPL and report author Grace Ross were the following guest speakers:

• Simon Johnson, former Chief Economist of the International Monetary Fund, Professor at the Sloan School of Management. Professor Johnson shared research and answered questions on the role of banking policy in the foreclosure crisis.
• Residents fighting foreclosure, who shared their personal stories, putting a human face on the devastating impact of foreclosure on citizens’ health, families, jobs, and neighborhoods.
• Members and representatives from City Life/Vida Urbana, the Worcester Anti-Foreclosure Team, and the Greater Four Corners Action Council
• Sam Simon, author of the recent report Vacant Spaces

Foreclosures: Denying Massachusetts an Economic Recovery demonstrates the impact of the foreclosure crisis on the Commonwealth of Massachusetts, giving concrete Massachusetts figures on foreclosure-related harms: increasing rents, homelessness, illness and much more; and losses to our state, including:

• The Commonwealth has experienced a roughly 20% loss in property value from the height of the bubble through what now appears to have been just the first trough in 2010.
• Inserting actual Massachusetts property value loss in the 2008 Congressional report on household spending for the period from 2007 to 2009, the Massachusetts state economy actually lost over $4 billion per month.

Please download a copy of this important report (PDF)

On November 1, 2011, the Federal Reserve Board announced that borrowers who believe they were financially harmed during the mortgage foreclosure process by specific participating institutions in 2009 and 2010 can now request an independent review and potentially receive compensation. Servicers are required to compensate borrowers for financial injury resulting from deficiencies in their foreclosure processes.

Borrowers are eligible for a review if their primary residence was in the foreclosure process in 2009 or 2010, whether or not the foreclosure was completed. The review is intended to determine if those borrowers suffered financial harm directly resulting from errors, misrepresentations, or other deficiencies. The Federal Reserve will monitor the implementation of the program and the servicers’ outreach efforts.

To apply for a review, individuals may call 888-952-9105, Monday through Friday from 8 am to 10 pm (ET), and Saturday from 8 am to 5 pm (ET). Requests for review by the servicers’ independent consultants must be received by April 30, 2012. There are no costs associated with being included in the review.

For more information, visit the Independent Foreclosure Review Web site at http://independentforeclosurereview.com

You can also download a document with a summary of the Web site information. (Word file)