Massachusetts Bank Foreclosures 2nd in New England

The Massachusetts bank foreclosures rate is the second highest in the New England region. But findings of the Boston University’s New England Center for Investigative Reporting showed that despite the high foreclosure activity in Massachusetts, it lagged behind compared with other New England states in terms of punitive actions against brokers and lenders.

According to the report, banking regulators in Massachusetts performed few punitive actions against brokers and lenders from January 2007 to June 2009. Punitive actions include revocation, suspension or forced license surrender. For the period, state banking regulators have filed stringent actions against 43 brokerage firms.

The report noted that only a fraction of lenders and brokers that received licenses from state banking regulators were penalized despite the rise in the number of Massachusetts bank foreclosures and the subsequent havoc the crisis caused on families and neighborhoods.

By Cassiano Travareli