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Section 4. The Town of Mashpee shall establish a gagors/homeowners who attend mediation and who Mediation Program relative to mortgage foreclosures receive counseling or assistance; (c) the number of in accordance with this Act and promulgate regula- certificates of completion issued under the Mediation tions as necessary and appropriate to implementing Program, (d) the results of the mediation process, such a Mediation Program involving mortgagees, including the number of loans restructured,number of creditors,mortgagors,homeowners,utilizing munici- principal write-downs, interest rate reductions and,to panty-approved Mediation Program Manager(s) and the extent such information is available,the number of mediators to mediate between the mortgagee and a mortgagors/homeowners who default on mortgages mortgagor who owns residential real property in the within a year after successful mediation conferences, municipality which is occupied by the mortgagor as (e) any such other information as the municipality his or her principal residence. Such mediation shall be may determine to be necessary and or helpful in facilitated by a municipality-approved Mediation assessing the value of a Mediation Program and any Program Manager according to procedures established adjustments that may need to be made thereto. I by this Act. Said Mediation Program may only relate to the mediation of mortgage foreclosures of residen- The municipality may terminate a Mediation Program tial real property in the {Municipality} that is the Manager's participation in the Mediation Program for mortgagor's principal residence. good cause,as determined by the appropriate municipal official and subject to any applicable rules and regula- i Section 5. Pursuant to this Act,the municipality shall tions developed by the municipality. In such case,the establish a Mediation Program to provide mediation Mediation Program Manager shall promptly deliver to for all foreclosures of mortgages on owner-occupied the municipality all records and information in its pos- residential property with no more than four (4) units session for appropriate preservation and storage. that is theprimary residence of the owner-occupant. The Mediation Program shall address all issues rea- Section 6. Except for financial information otherwise sonably related to a foreclosure on the subject prop- permitted by law to be disclosed, any financial state- erty,including but not limited to reinstatement of the ment or information provided to the municipality or I mortgage, modification of the loan and restructuring its approved independent counseling agencies or pro- of the mortgage debt,including the reduction and for- vided to the mortgagee or mortgagor during the course j giveness of mortgage debt. Mediation conferences of meditation in accordance with this Act shall be con- j conducted pursuant to the Mediation Program shall fidential and shall not be available for public inspec- use the calculations, assumptions and forms that are tion. Any financial statement or information to rea- established or made available through (i) the Federal sonably facilitate the mediation conference(s) shall be I Deposit Insurance Corporation and published in the made available as necessary to the mediator and to the Federal Deposit Insurance Corporations Loan attorneys or representatives,if any,of the parties to the Modification Program Guide available on the Federal mediation. Any financial statement or information Deposit Insurance Corporation's publicly accessible designated as confidential under this section shall be website, (ii) the Home Affordable Modification kept separate and apart from other papers and matters Program; (iii) any modification program that a mort- not the subject of the mediation. gagee may use which is based on accepted principles I and the safety and soundness of the institution and rec- Section 7. For the purpose of the Mediation Program established by the municipality,the municipality shall ognized by the National Credit Union Administration, the Division of Banks or any other instrumentality of receive a copy of all notices filed pursuant to G.L. c. the commonwealth; (iv)the Federal Housing Agency; 244 §35A(g), (h), within ten (10) days of receipt by or(v)similar federal programs. the Commissioner of the Division of Banks pursuant to G.L. c. 244, §35A(k) that relate to residential prop- The municipality shall provide for a means of evaluat- erties in the Town of Mashpee. The municipality shall j ing and selecting qualified Mediation Program thereafter promptly notify the creditor/mortgagee and Managers. The municipality shall also provide for a the mortgagor/homeowner of their rights and respon- means of assessing and evaluating annually the sibilities under this Act regarding mediation. It is the municipality's Mediation Program including reports intent and purpose of this Act that a mediation confer- and data related to (a) the number of mortgagors who ence take lace within forty-five (45) days of the P are notified of mediation; (b) the number of mort- mortgagor/homeowner receiving notice of his or her 69