UPDATE 2-Mass. tells Fannie, Freddie to follow new mortgage law

2012-08-24 — reuters.com

``While the law doesn't require creditors to specifically cut mortgage debt, Coakley said, it "does advance the consensus" that creditors can receive higher recoveries when using strategies that include reducing mortgage debt for some borrowers.
Creditors "will be required to take commercially reasonable steps and principal forgiveness may be a commercially reasonable step in certain instances," a spokeswoman for Coakley said.''

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