Changes needed in mortgage industry

Kevin Cuff, executive director of the Massachusetts Mortgage Bankers Association, says there are some people who should never have bought a home ("Bay State foreclosure figures on rise again," Oct. 23). Is Mr. Cuff honestly placing full responsibility of the rise in foreclosures on homeowners? He seems to be conveniently forgetting that many of the 400 members of his association were engaged in the very predatory lending practices which have lead to this unprecedented rise in foreclosures. The Massachusetts Mortgage Bankers Association has also fought against Attorney General Martha Coakley's proposal to limit the yield point spread upon which mortgage broker's fee are based.

Additionally, US Representative William Delahunt's call for a revival of a proposal to allow bankruptcy courts to modify the terms of predatory mortgage loans (or some alternative thereof) in the new stimulus package being considered in Congress should be supported. There needs to be oversight of these loans, which have not been adequately evaluated by any existing oversight body, and the bankruptcy court seems to be the most appropriate venue.

Melanie Hagopian, Lincoln

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