Judge’s landmark ruling could slow foreclosures (Subprime loans presumptively unfair)


	Judge’s landmark ruling could slow foreclosures (Subprime loans presumptively unfair)

tabsey

2-26-2008 6:55 PM

117 views

tags:

cooked, economy

tabsey says:

Good decision for many.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/daf17d96-b7a3-410b-b6ee-cedee0714b42/4ED6534F-E190-46C9-AA1F-E6D0FEB6CD8A/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3199330&mesg_id=3199330" href="http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3199330&mesg_id=3199330" style="font-size: 11px;">www.democraticunderground.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3199330&mesg_id=3199330"><DIV>A Suffolk Superior Court judge has issued a potential landmark order slowing down thousands of Massachusetts foreclosures and declaring whole classes of subprime mortgages “structurally unfair” under state law.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3199330&mesg_id=3199330"><DIV>“It is both imprudent and unfair to approve mortgage loans that the borrowers cannot reasonably be expected to repay if housing prices were to fall,” Judge Ralph Gants wrote in a preliminary injunction against notorious subprime mortgage lender Fremont Investment and Loan. “Just because we as a society failed earlier to recognize that (many subprime loans) were generally unfair does not mean that we should ignore their tragic consequences and fail now to recognize that unfairness.”</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3199330&mesg_id=3199330"><DIV>Issuing a ruling in a lawsuit brought by Attorney General Martha Coakley, Gants ordered Fremont to work with state officials for up to 90 days to resolve late-mortgage cases before initiating foreclosure proceedings.</DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/4ED6534F-E190-46C9-AA1F-E6D0FEB6CD8A/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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