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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.