Budget Amendment ID: FY2017-S4-698

ECO 698

Foreclosure Prevention Counseling

Mr. Eldridge, Ms. Flanagan, Ms. L'Italien, Ms. Forry, Messrs. Brady, McGee and Keenan and Ms. Chang-Diaz moved that the proposed new text be amended in section 2, in item 7006-0011, by striking out the words “in an amount not to exceed $2,350,000 from the revenue received from administrative fees” and inserting in place thereof the following words:- “in an amount not to exceed $3,650,000”;

And in said item by striking out the words “may expend from such revenue an amount to be determined by the commissioner of banks as grants for the operation of a program for best lending practices, first-time homeowner counseling for non-traditional loans and 10 or more foreclosure education centers under section 16 of chapter 206 of the acts of 2007 ” and inserting in place thereof the following words: “may expend $2,000,000 from such revenue as grants for the operation of a program for best lending practices, first-time homeowner counseling, and foreclosure education centers under section 16 of chapter 206 of the acts of 2007";

And in said item by inserting after the words, "and that the grants shall be awarded through a competitive application process under criteria established by the division” the following words:- “and provided further that funds shall be expended to Citizens’ Housing and Planning Association to coordinate efforts between foreclosure counselors and relevant state agencies to ensure servicers give homeowners a fair review of their requests for modification in accordance with the Consumer Financial Protection Bureau regulations, Massachusetts General Law Chapter 244, the National Mortgage Settlement of 2012, and any other applicable laws and regulations";

And in said item by striking out the figure $2,350,000 and inserting in place thereof the following figure:- “$3,650,000”.