WORCESTER 508-471-3018
Metro West 508-709-0024

Massachusetts Attorney General calls for new housing leadership

Homeowners across the nation are struggling to make their mortgage payments, and Massachusetts Attorney General Martha Coakley is calling for changes in leadership at the Federal Housing Finance Agency to help these very homeowners. Coakley, along with attorneys general from several other states, is demanding the replacement of FHFA Director Edward DeMarco, whose agency oversees the operations of Fannie Mae and Freddie Mac, two government-backed mortgage finance organizations. Coakley and her counterparts have identified lending practices utilized by those organizations that they believe have contributed to the widespread mortgage crisis.

Although Coakley's efforts on behalf of Massachusetts homeowners are noteworthy, the changes that she advocates may not result in fast enough reforms to help people who are currently fighting to stay in their homes. For individuals who are on the verge of losing their homes, more immediate options for relief are available.

While Fannie Mae and Freddie Mac offer individual credit counseling and other consumer programs to help homeowners who are suffering under the mortgage crisis, other non-profit credit counseling agencies exist that can also help guide homeowners with their finances. Additionally, bankruptcy and real estate law may be able to offer additional options on alternatives to foreclosure.

Homeowners may be eligible for forbearances or loan modifications to either temporarily stop or decrease mortgage payments. Other homeowners may consider selling their homes to their mortgage creditors in order to satisfy their loans, while others may be able to sell their homes directly to third parties to relieve themselves from their mortgage payments.

Even though many people are still struggling to pay off their home loans under the continuing mortgage crises, the work of individuals like Coakley may be paying off. As a previous post here detailed, Massachusetts has experienced some improvement in the housing market during the last year. However, for those people who are still fighting to keep their homes, opportunities exist to alleviate the burdens of their home mortgages.

Source: GoLocalWorcester, "Coakley Leads National Push for New Leadership at Fannie and Freddie," March 21, 2013

No Comments

Leave a comment
Comment Information
Email Our Team

Contact Us Today To Learn More

The skilled attorneys at SederLaw stand ready to handle even your most difficult legal issues. Turn to us for skilled representation to help you accomplish your legal goals.

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

An Impressive Track Record
Of Achievement In The Law


Worcester Office
339 Main Street
Suite 300
Burnside Building
Worcester, MA 01608

Phone: 508-709-0024
Phone: 508-471-3018
Fax: 508-831-0955
Map & Directions

Metro West Office
1900 West Park Drive
Suite 280
Westborough, MA 01581

Phone: 508-471-3018
Fax: 508-831-0955
Map & Directions