Banks are coming under scrutiny by state governments that, following in the footsteps of federal agencies, are closely examining the fair lending practices of financial institutions in their states.

In fact, what has been called a precedent-setting mortgage lending reform agreement was reached March 4 between the massachusetts attorney general and the Massachusetts Bankers Association and 27 banking institutions and mortgage companies. In addition, a three-member loan review panel was created as part of the agreement.

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