On April 2, 2008, Maryland lawmakers passed some of the nation's most ambitious legislation to control the housing crisis by toughening oversight of the mortgage-lending industry and establishing preemptive measures to help people at risk of foreclosure.
Maryland's legislation would provide "immediate relief" to homeowners facing foreclosure. The bills include making the most egregious mortgage schemes subject to criminal prosecution, extending the foreclosure timetable from 15 to 150 days and prohibiting prepayment penalties and transactions in which homeowners are tricked into signing over their houses to third parties.
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