Homeowner Protection Act - LD 1869

The Maine Homeowner Protection Act in the news.

Governor signs bill targeting predatory lenders
Gov. John Baldacci on Monday signed into law a bill to crack down on predatory mortgage lending practices, putting Maine among the first states to address a looming national crisis. (AP, 6/11/07)

Bill targeting predatory lenders has broad support
Supporters of a bill to crack down on predatory mortgage lending practices said Monday their bill would put Maine among the first states to address a looming national crisis. (AP, 4/30/07)

Mainers need protection from unscrupulous lenders
By Rep. Glenn Cummings , Special to the Sun Journal
Sunday, February 4, 2007
For decades, owning a home has been at the center of the American dream. For most Mainers, our homes are the most important assets we have - they represent our life's savings, our roots in the community, and the most permanent fixture in our lives. But today, too many Mainers are finding out just how easily a home can be lost.

Too good to be true, could cost you everything
Editorial by the Lewiston Sun Journal
Friday, April 13, 2007
"Simplicity is key," says Peter Fessenden, in remarking about lending documents, such as those indecipherable credit card agreements. "If they don't do that, you wonder whether they have something to hide."

Credit's value makes policing lenders practical
Editorial by the Lewiston Journal
Tuesday, February 20, 2007
It's a paradox of the modern financial age: There is no credit without debt, and no debt without credit. A gaudy credit score is the gateway to the American dream, because few can afford to write the check for it anymore.

Time to rein in abusive lending
Editorial by the Kennebec Journal/Morning Sentinel
February 14, 2007
Maine has a higher-than-average percentage of residents who own their homes. While owning a home is a source of both security and pride, it's not necessarily a help when you need cash -- and many of Maine's homeowners are often cash-poor.

Homeowner Protection Act Proposed
Segment appeared on WCSH6
Kara Matuszewski, Reporter/Anchor
April 30, 2007  
With more and more Mainers becoming victims of predatory lending, House Speaker Glenn Cummings (D-Portland) is sponsoring a bill that would help protect homeowners from unethical lenders.

Lawmakers To Discuss Predatory Lending Bill
Segment on WCSH6
Appeared on April 11, 2007
Watch the Video

Lending a hand Lawmakers introduce bills to curb predatory mortgage practices; [All Edition]
by Anne Ravana
(Copyright 2007 Bangor Daily News)
Appeared on Feb. 10, 2007
Darlene and Brent Jellison had almost finished paying off the mortgage on their Beech Grove Road home in Corinth seven years ago when they decided to refinance and put some money toward their fire equipment repair business.

MORTGAGE WOES HIT HOME; [All Edition]
Editorial by BDN Staff
Appeared on March 13, 2007
(Copyright 2007 Bangor Daily News)
Ads that promise home loans despite bad credit sound enticing, and millions of people, some who borrowed more than they could afford and others who got loans they shouldn't have qualified for, have what are called subprime mortgages. With rising interest rates and falling housing prices, many consumers can no longer make their payments, sending ripples through financial markets.