An Act to establish a resolution trust fund for receipt of reasonable mortgage payments

This bill creates a new state-run trust fund called the Resolution Trust Fund to handle residential mortgages where the original lender or owner cannot be identified. The fund will be managed by the Commonwealth's Executive Department of Administration and Contracting (CEDAC) and will accept loans transferred to the state when the rightful note owner is unknown. Additionally, the legislation allows courts to modify these untraceable loans to meet standard lending terms, such as setting the loan amount to no more than 80 percent of the home's value and establishing a fixed payment schedule. The primary goal is to help rebuild the local tax base and stabilize neighborhoods affected by past predatory lending practices by clearing up ownership issues on these properties.