Massachusetts Regulators Rarely Acted Against Subprime Brokers And Lenders

An investigative report finds that Massachusetts regulators only acted against 3% of its licensees during the sub-prime peak, the lowest among fellow New England states, while publicly preening that it was being “aggressive.” In fact, as foreclosures rose during ’06-’08, enforcement actually dropped. Forget who watches the watchdogs, who watches?

Massachusetts State Regulators Lag Far Behind Other New England States In Sanctioning Mortgage Professionals [New England Center for Investigative Reporting]