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The Boston Real Estate BlogI am an independent real estate broker, focused on the residential real estate market in downtown Boston. |
Boston banks sign agreement to keep borrowers away from foreclosure
From the Herald:
With Boston home foreclosures up 10-fold since 2004, city and banking leaders are unveiling a $100 million effort to help tapped-out residents keep their properties.
Citizens, Eastern, Mount Washington and Sovereign banks are joining Bank of America and Boston Private Bank & Trust in setting aside $100 million to help people refinance out of bad loans.
The banks also signed a code of conduct aimed at banning abuses, such as steering unsophisticated customers with good credit into costly subprime loans.
City officials also plan to contact 6,000 residents with mortgages from questionable lenders, offering help to those in jams.
Complete story: Foreclosure help on way: Local banks set aside $100M for refinancing - By Jerry Kronenberg, The Boston Herald
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