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Gov. Martin O’Malley will put the force of his office today behind a plan that would enable struggling homeowners to negotiate better mortgage terms before banks can take their houses.
The governor is scheduled to testify before Maryland House and Senate committees on legislationthat would create a mandatory mediation process for owners at risk of losing their homes and require lenders to prove they tried to modify a borrower’s loan before foreclosing.
By becoming a visible advocate for the plan, O’Malley, who has recently stepped up his criticism of big banks that he calls “faceless giants,”
Read more from the Baltimore Sun
