Anne Norton to Join DLLR as Assistant Commissioner of Financial Regulation


Foreclosure Prevention Expert To Bring Industry, Advocacy Experience to New Role

BALTIMORE (6/21/10) -- Alexander M. Sanchez, Secretary of Labor, Licensing and Regulation, announced that Anne Balcer Norton has been appointed Assistant Commissioner for Non-Depository Institutions with DLLR's Commissioner of Financial Regulation. She is expected to start in early July.

"Anne brings a unique and powerful combination of skills and experiences, and we are thrilled to have her join our team at this critical time," Secretary Sanchez said. "She will further strengthen our capabilities in overseeing non-bank institutions as we continue working to protect consumers, oversee these diverse industries and better serve Maryland consumers."

Ms. Norton has served as the Director of the Foreclosure Prevention Division of St. Ambrose Housing Aid Center, Inc., the oldest housing non-profit in Baltimore City. She also served as a member of Governor O'Malley's Homeownership Preservation Task Force and, more recently, as part of the working group that helped to shape the recently-enacted foreclosure mediation legislation. Prior to joining St. Ambrose, Ms. Norton served as general counsel for a national mortgage lender, where she was responsible for origination and secondary market regulatory compliance, state licensing and risk management oversight across twenty-four states.

Within the broad jurisdiction of DLLR's Office of the Commissioner of Financial Regulation, Ms. Norton will oversee non-depository financial institutions with responsibility for licensing, compliance and policy for industries ranging from mortgage lenders and brokers to check cashers and debt management firms.

Her appointment is consistent with the O'Malley-Brown Administration's leadership in enacting a sweeping foreclosure prevention law in 2008 and, this year, successfully proposing legislation that requires mortgage lenders and servicers to be much more responsive to homeowners facing foreclosure. The new law, which takes effect July 1, gives homeowners a new opportunity to meet with the lender and an independent party to ensure that alternatives to foreclosure have been considered and evaluated.

"With the financial crisis and its aftermath, the role of the Commissioner in shaping legislation, implementing regulations and overseeing these industries has become increasingly critical," said Sarah Bloom Raskin, Commissioner of Financial Regulation. "Anne is a leader in the mortgage policy area and her experience in the public and private sectors will be an asset in all areas of our jurisdiction."