Mass. Legislators Eye Foreclosure Protections

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A foreclosed house in East Palo Alto, Calif. (AP)
A foreclosed house in East Palo Alto, Calif. (AP)

In Massachusetts, more than 20,000 homeowners have lost their homes due to foreclosure in the last two years.

Lenders have been criticized for failing to thoroughly process paperwork for foreclosures and recently, the Massachusetts Supreme Judicial Court voided foreclosures of two homes in Springfield. That ruling calls into question the validity of thousands of foreclosures in Massachusetts and in the rest of country.

The central question is whether the banks have actually proven who owns the property when they foreclose on it. As a result, several legislators in Massachusetts want greater protections for homeowners, and plan to file several bills that could greatly affect the housing market and the foreclosure process in the state.



This segment aired on January 18, 2011.


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