A Key Decision For Subprime Mortgage Lenders

Law360, New York (May 29, 2008, 12:00 AM EDT) -- In a decision widely characterized as both “important” and “unprecedented,” on Feb. 28, 2008, a Massachusetts Superior Court judge enjoined a subprime lender, Fremont Investment & Loan of California (“Fremont”), from foreclosing on many of its mortgages with Massachusetts subprime borrowers without the express prior approval of the Attorney General.[1]

Justice of the Superior Court, Ralph D. Gants, found that Fremont’s lending practices were “unfair and deceptive acts or practices” in violation of M.G.L. c. 93A, § 2. As a result, Fremont has been enjoined from...
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