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Massachusetts slow to discipline problem lenders

An investigation by the New England Center for Investigative Reporting at Boston University (NECIR-BU) shows that regulators in Massachusetts have been slow to discipline problem mortgage brokers and lenders compared to other New England states.  "Between January 1, 2007 and June 1, 2009, The Massachusetts Division of Banks took its most stringent actions against less than 3 per cent of the mortgage brokers/lenders it was supposed to regulate."  Massachusetts has the second highest rate of foreclosures in New England.

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