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FEATURED ARTICLE
Lynch mortgage plan for N.H.
Published: January 2008
Gov. John Lynch and Banking Commissioner Peter C. Hildreth announced in December, that the banking department has established a new consumer hotline and a new requirement that state-licensed mortgage lenders designate a person to help consumers address potential mortgage problems.
"Many New Hampshire families are seeing their dreams of home ownership jeopardized. The increasing number of foreclosures, caused in part by questionable loan practices, is hurting many of our families," Lynch said. "We want to make sure the state of New Hampshire is doing everything possible to help and protect consumers. The Banking Department's hotline gives consumers a place to turn with questions, and the new consumer contacts will make it easier for consumers to work with their mortgage companies to find solutions."
The following is being done to help address the issue of mortgage problems:
The New Hampshire Banking Department has established a hotline to assist consumers who have concerns about their mortgages or who are facing imminent foreclosure. The hotline number is 1-800-437-5991, and will be answered by department staff between 8 a.m. and 4:30 p.m. Messages received after hours will be returned the next business day.
Commissioner Hildreth has signed an order requiring every New Hampshire-licensed mortgage lender and servicer to designate a direct contact that the department, and consumers, can speak with directly about options.
Hildreth signed an order requiring mortgage lenders and brokers to be clearer about their standards for subprime loans and the risks that borrowers may assume. This order seeks to ensure consistent regulation of the mortgage market and will be an important tool for the banking department to protect consumers in the subprime lending market.
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