Federal Housing Finance Agency worsening foreclosures by violating Massachusetts law, AG Coakley says

Coakley said mortgage giants Fannie Mae and Freddie Mac, currently under the control of the agency, have refused to comply with a 2012 Massachusetts law that allows the sale of homes in foreclosure to nonprofit organizations whose goal is to keep homeowners in their homes.

The state law explicitly forbids banks and lenders from refusing to consider offers from legitimate buyback programs merely because the property will be resold to the former homeowner.

[Boston Community Capital’s CEO Elyse Cherry] said Fannie Mae and Freddie Mac are significant lenders and their refusal to work with nonprofits seeking to keep homeowners in their homes is a problem.

MassLive

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