Massachusetts House passes bill to set standards to protect homeowners from foreclosures

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Massachusetts House passes bill to set standards to protect homeowners from foreclosures

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The Massachusetts House of Representatives has passed a bill that would establish standards to protect loan borrowers from unnecessary foreclosures.

State representatives passed a modified version of the proposed legislation Wednesday. It now goes to the state Senate.

Attorney General Martha Coakley proposed the measure, designed to block foreclosures by requiring loan modifications when it is in the financial interest of the borrower and the lender.

The bill would set standards that force banks to analyze every loan before proceeding with a foreclosure and offer a reasonable modification where the analysis shows changing the loan is better for the bank than foreclosure.

In a statement following the bill's passage Coakley said it would help people remain in their homes without requiring banks to make sacrifices.

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Massachusetts House passes bill to set standards to protect home - NEWS10 ABC: Albany, New York News, Weather, Sports

Massachusetts House passes bill to set standards to protect homeowners from foreclosures

Local News <a href="http://www.wten.com/category/173731/-local-news">More>></a>Local NewsMore>>

City workers continue to repair Troy sinkhole

City workers continue to repair Troy sinkhole

Man arraigned for 2 extra bullets in handgun under SAFE Act

Man arraigned for 2 extra bullets in handgun under SAFE Act

Crews respond to smoking manhole in Albany

Crews respond to smoking manhole in Albany

Police: 'Gun' on St. Rose campus was actually umbrella

Police: 'Gun' on St. Rose campus was actually umbrella

Wake held for fallen Berkshire County soldier

Wake held for fallen Berkshire County soldier

Man in court for allegedly sending sexual texts to teen, skipping town

Man in court for allegedly sending sexual texts to teen, skipping town

Cuomo: Weiner NYC mayoral win would be a 'shame'

Cuomo: Weiner NYC mayoral win would be a 'shame'

Voters react to Niskayuna's school budget failing

Voters react to Niskayuna's school budget failing

Glens Falls man pleads guilty to helping wife commit suicide

Glens Falls man pleads guilty to helping wife commit suicide

3 students struck by lightning at Mass. school

3 students struck by lightning at Mass. school

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