Challenging Markets, Rules Changes Loom: 

Mortgage Meltdown Fallout to Shape Coming Year; Continued Housing Slump Also Poses Many Problems

Struggling housing and lending markets and major changes to laws and regulations affecting mortgage lenders and brokers will make their mark on the Bay State in 2008, shifting the nature of competition and significantly affecting consumers.

Consumer advocates are applauding one provision in the new state law that imposes requirements similar to those of the Community Reinvestment Act on non-bank mortgage companies for the first time. The intent is to ensure that lenders make credit available in even-handed fashion throughout the areas they serve.

"Not enough attention has been paid to that," said Jim Campen, executive director of Boston-based Americans for Fairness in Lending. "I think it will be important in the coming year."