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ANNAPOLIS — Maryland lawmakers on Thursday questioned changes to the state’s foreclosure rules that would require borrowers and lenders to meet face-to-face during the process.
Mandatory mediation is expected to be a part of Gov. Martin O’Malley’s agenda this legislative session. He and state banking regulators want to force the meetings to make sure as many eligible homeowners as possible find their way to government programs to modify their loans. The governor has said some banks don’t do enough to help homeowners.
Bankers are wary of the added step, saying lenders are already overwhelmed by the wave of foreclosure actions and further lengthening the process won’t help either side.
Read more from the Md Daily Record
