Banks' role questioned at State House hearing
Although the hearing was convened to discuss pending bills that would license and regulate private lenders and home-repair contractors, the officials and community leaders who testified seemed to reserve their strongest comments for the mainstream banks, some of which bought high-rate mortgages from...
Saved in:
| Published in | The Boston globe |
|---|---|
| Main Author | |
| Format | Newspaper Article |
| Language | English |
| Published |
Boston, Mass
Boston Globe Media Partners, LLC
31.05.1991
|
| Online Access | Get full text |
Cover
Loading…
| Summary: | Although the hearing was convened to discuss pending bills that would license and regulate private lenders and home-repair contractors, the officials and community leaders who testified seemed to reserve their strongest comments for the mainstream banks, some of which bought high-rate mortgages from private lenders or extended credit lines to the lenders. Diane Watson, who is Boston commissioner of elderly affairs, and several Roxbury homeowners testified that alleged abuses by private lenders could not have occurred had banks made a proportional number of regular mortgages to homeowners in the area. Barbara Anthony, chief of the Public Protection Bureau for Attorney General Scott Harshbarger, also weighed in strongly for regulation of private lenders and contractors. She repeated Harshbarger's call for a law forbidding home-repair companies from serving as mortgage brokers. |
|---|---|
| ISSN: | 0743-1791 |