Department of Insurance, Securities and Banking

-A +A
Bookmark and Share

Regulatory Guidance Related to the Implementation of the Saving DC Homes from Foreclosure Emergency Amendment Act of 2010

Wednesday, November 24, 2010

The purpose of the Act is to require a residential mortgage lender to provide a residential mortgage borrower with a Notice of Default on a Residential Mortgage and to provide the residential mortgage borrower with the right to elect to engage in mediation prior to the initiation of a foreclosure of a residential mortgage. The Act also establishes a new Foreclosure Mediation Program ("Program") in the District of Columbia. The Department of Insurance, Securities and Banking ("Department") is expected to be charged with the responsibility of a administering the Act and the Program.