{"id":2220,"date":"2007-11-14T04:01:05","date_gmt":"2007-11-14T11:01:05","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2220"},"modified":"2007-11-14T04:29:48","modified_gmt":"2007-11-14T11:29:48","slug":"irony-can-be-so-ironic-massachusetts-edition","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2220\/irony-can-be-so-ironic-massachusetts-edition\/","title":{"rendered":"Irony Can Be So Ironic (Massachusetts Edition)"},"content":{"rendered":"

Massachusetts was one of the first states to put anti-predatory lending laws on its books, ratifying in November 2004. The law includes provisions<\/a> for borrower counseling, prepayment penalties, and financing of fees. <\/p>\n

Presumably, somebody thought the law had a positive impact on homeowners because, recently, Massachusetts Congressman Barney Frank authored HR 3915, The Mortgage Reform and Anti-Predatory Lending Act of 2007. Currently in debate, HR 3915 is the first national<\/em> anti-predatory lending program proposed by Congress.<\/p>\n

And then comes the heavy dose of irony. <\/p>\n

Today, RealtyTrac <\/a>released its foreclosure data from Q3 2007. Check out five of the six cities leading the nation in year-over-year foreclosure growth:<\/p>\n

    \n
  1. Bethesda\/Frederick\/Gaithersburg, MD (1,640%)<\/li>\n
  2. Cambridge\/Newton\/Framingham, MA (1,552%)<\/li>\n
  3. Boston\/Quincy, MA (1,274%)<\/li>\n
  4. Springfield, MA (1,169%)<\/li>\n
  5. Essex, MA (993%)<\/li>\n
  6. Worcester, MA (895%)<\/li>\n<\/ol>\n

    It appears that three years after its anti-predatory lending laws went into effect, Massachusetts homes are foreclosing faster than in any other state in the country.<\/p>\n

    Irony can be so ironic<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

    Massachusetts was one of the first states to put anti-predatory lending laws on its books, ratifying in November 2004. The law includes provisions for borrower counseling, prepayment penalties, and financing of fees. Presumably, somebody thought the law had a positive impact on homeowners because, recently, Massachusetts Congressman Barney Frank authored HR 3915, The Mortgage Reform […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,5],"tags":[],"class_list":{"0":"post-2220","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-real-estate","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2153,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2153\/hr-3915-exploring-the-minds-of-the-enablers\/","url_meta":{"origin":2220,"position":0},"title":"HR 3915: Exploring the Minds of the Enablers","author":"Brian Brady","date":"November 3, 2007","format":false,"excerpt":"HR 3915 is referred to as the Mortgage Reform and Anti-Predatory Lending Act of 2007. It was introduced by Congressman Barney Frank of Massachusetts. I explored some libertarian thought about the bill here. I spent the last few days, perusing supporting messages, to discover if I might be mistaken. This\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2103,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2103\/hr-3915-mortgage-reform-and-anti-predatory-lending-act-of-2007\/","url_meta":{"origin":2220,"position":1},"title":"HR 3915: Mortgage Reform and Anti-Predatory Lending Act of 2007","author":"Brian Brady","date":"October 25, 2007","format":false,"excerpt":"Congressman Banker...err...Barney Frank co-authored legislation to \"reform\" the mortgage business on Monday.\u00a0 You can view the 66-page text here. Bullet Points of the bill include: 1- Prohibition of \"yield spread premium\" as compensation to originators. 2- Mandatory licensing of mortgage originators by a Federal registry or state regulator.\u00a0 This Bill\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2175,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2175\/psa-watch-the-debate-on-hr-3915-live\/","url_meta":{"origin":2220,"position":2},"title":"PSA: Watch the Debate on H.R. 3915 Live","author":"Morgan Brown","date":"November 6, 2007","format":false,"excerpt":"The debate is underway in the Financial Services Committee on The Mortgage Reform and Anti-Predatory Lending Act of 2007 you can watch it live here. (Clicking this link will launch your video viewer). I'm interested in seeing how poorly the politicians understand the concepts they are debating. Enjoy.","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2112,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2112\/hr-3915-is-dangerous-for-the-american-homeowner\/","url_meta":{"origin":2220,"position":3},"title":"HR 3915 Is Dangerous","author":"Brian Brady","date":"October 28, 2007","format":false,"excerpt":"HR 3915, The Mortgage Reform and Anti-Predatory Lending Act of 2007, was introduced by Barney Frank, (D-MA). Congressman Frank is also the Chairman of the House Committee on Financial Services. I outlined the key components of the bill with a link to the text here. The danger behind this bill\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8546,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8546\/the-end-of-no-cost-mortgage-loans-and-other-hr-1728-concerns\/","url_meta":{"origin":2220,"position":4},"title":"The End of No-Cost Mortgage Loans and Other HR 1728 Concerns","author":"Mark Madsen","date":"May 22, 2009","format":false,"excerpt":"The H.R. 1728: Mortgage Reform and Anti-Predatory Lending Act is a problem that all mortgage and real estate professionals need to pay attention to. My first rule of blogging has always been to avoid political discussions, especially if I'm not an expert on every angle of the topic. So, with\u2026","rel":"","context":"In "Dirty Laundry"","block_context":{"text":"Dirty Laundry","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/dirty-laundry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2438,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2438\/speaking-in-tongues-dynamically-updated-lists-of-links-in-php\/","url_meta":{"origin":2220,"position":5},"title":"Speaking in tongues: Dynamically updated lists of links in PHP","author":"Greg Swann","date":"December 28, 2007","format":false,"excerpt":"Let's get dynamic, shall we? There are a lot of things you can say about PHP -- and some of them are even safe for work. But, at bottom, PHP is a working stiff's programming language for producing dynamic web pages. What's a dynamic web page? It's a page that\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2220","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2220"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2220\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2220"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2220"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2220"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}