"Focus Banking & Finance" piece on foreclosures rates in Maine. Maine's Bureau o

James McCarthy

Source

Mainebiz

Date

12-10-2012

Pages

22-24

Abstract

"Focus Banking & Finance" piece on foreclosures rates in Maine. Maine's Bureau of Financial Institutions has been tracking foreclosures at the 32 state-chartered banks and credit unions since October 2006. The second quarter report showed mixed results, but several variables impact the numbers, including the state's foreclosure diversion program which can lengthen the process, leaving properties in limbo, and the National Mortgage Settlement which requires five major banks and mortgage companies to pay at least $25 billion in consumer relief, resulting in refinancing agreements which will likely remove some of the distressed properties from the foreclosure rolls. With a sidebar in which Rick Vail, president and CEO of Mechanics Savings Bank, shares his perspective on foreclosures.

Subjects

Foreclosure, Bureau of Financial Institutions

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