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Merrimack Valley
Bailout fund sought for those in foreclosure
Published: March 27, 2007
BOSTON - Lawrence-area homeowners would benefit from a $10 million bailout fund for people facing foreclosure after taking on high-cost loans from predatory lenders or mortgage brokers.
The plan gets a hearing tomorrow before the Legislature's Housing Committee. State Rep. David M. Torrisi, D-North Andover and an author of the bill, said the statewide and Lawrence-area spike in foreclosures and complaints of abusive lending practices led him to file the bill.
The plan gets a hearing tomorrow before the Legislature's Housing Committee. State Rep. David M. Torrisi, D-North Andover and an author of the bill, said the statewide and Lawrence-area spike in foreclosures and complaints of abusive lending practices led him to file the bill.
