What action has Maryland taken in response to the subprime mortgage crisis?
January 29, 2009

Maryland recently enacted three new laws addressing different harms caused by the subprime mess. The Maryland Fraud Protection Act created the new crime of mortgage fraud, generally defined as a deliberate misstatement or omission at any time during the mortgage lending process with an intent to defraud. The Foreclosure Process Reform Bill established a minimum time period before a lender can foreclose on residential property: the later of 90 days after default or 45 days after the lender sends a notice of intent to foreclose. A third law expanded the Protection of Homeowners in Foreclosure Act to prohibit foreclosure rescue transactions, generally defined as a transaction in which a homeowner being foreclosed conveys the property to a third party while retaining some interest in the property, with the intent to delay or hinder foreclosure.

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John Wise, Esquire

JWise@TandLLaw.com
(410) 752-2468