bostonbubble.com

news · Joined: 14 Jul 2007 Posts: 0 Location: Greater Boston

Use this forum thread to discuss the following link.

Description: Massachusetts lender, Fremont Investment & Loan, required to seek court approval before foreclosures
URL: http://www.legalnewsline.com/news/217918-massachusetts-lender-required-to-seek-c ...truncated...
Info/Broken?: http://www.bostonbubble.com/link_info.php?id=2075

Subscribe to New Links: RSS Feed
Suggest a Link: Reference Suggestion Forum

admin · Posted: Thu Dec 11, 2008 3:32 pm GMT Post subject:

There is an article with more information at:

http://www.law.com/jsp/article.jsp?id=1202426646465

I would have liked to have posted this article as the main news item instead, but the website is very slow and experiencing timeouts today. It explicitly lists what terms the court used to classify mortgages as "unfair." These were certain teaser periods and rates, high debt to income ratio, 100% financing, and some prepayment penalties. While I'm not convinced that lenders should shoulder the full responsibility when both parties agreed to these foolish loans, I am very glad that this will likely keep these loans from being made again in the future here in Massachusetts.

- admin