Attorney General Martha Coakley has formulated a multi-faceted plan to address the current foreclosure crisis in Massachusetts. The Attorney Generals office has issued emergency regulations under the Consumer Protection Act (Massachusetts General Laws Chapter 93A) to address the problem of so-called foreclosure rescue schemes, which have plagued the Commonwealth amid the current foreclosure crisis. The regulations will go into effect immediately and are valid for 90 days, at which point they may be permanently promulgated after public hearings. The Attorney Generals Office is also considering further amendments to current mortgage broker and mortgage lender regulations which would address widespread unfair and deceptive tactics used by some in the mortgage lending and brokering business, and is solicitingwritten comments from industry leaders, consumer advocates, and the public. In addition to the emergency regulations and other possible amendments to current regulations, the Attorney Generals Office is in the process of establishing a group of private attorneys who are willing to work pro bono to assist homeowners who are facing foreclosure.
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