All cities should follow

Lynn on foreclosure law

To The Item Editor:

   It took Lynn City Councilors to do something that the federal and state government have been unable to do -- namely require big banks to sit across the table face to face and mediate with homeowners who are going through foreclosure, post a $10,000 bond to ensure that any homes that are foreclosed upon are repaired and maintained so that they do not become a blight on our neighborhoods.

   Why anyone would be opposed to this ordinance is beyond me.  I know why the banks are opposed to it -- because when they meet with these homeowners who were set up for failure from day one, they will have to bring with them the original note and accompanying

documents including the original loan application proving their ownership which in most cases, they do not have, and they know it.

   Kevin Kiley of the Mass Bankers Association made the irresponsible statement that this ordinance will impact the bank's future ability to write mortgages in our city; this, on top of being untrue, is patently silly and he knows better than that.  If Mr. Kiley had bothered to come to the Essex South Registry of Deeds and see the 39,000 fraudulent documents sitting on my conference table that were prepared and recorded by the banks he represents maybe this type of outrageous comment could've been avoided.

   As the Register of Deeds for the Southern Essex District I have agreed to follow the law of our city and not record the

foreclosure deeds unless they are accompanied by a certificate of compliance acknowledging that the banks have followed the rules.  If I thought for one minute that this was just an attempt by the City Council to make themselves "look good" in an election year I would have never signed on.  This ordinance is a reasonable and responsible action drafted by a team of people who are committed to solving a problem.  The City of Lynn has always been a city of fists and last Tuesday evening the City Council made history again.  I am hopeful that this ordinance will be adopted into law not only by our city, but by cities across the country.

   We can not afford to once again give the big banks a pass.

John L. O'Brien

Essex South Register of Deeds