Relevant:
- Massachusetts AG Sues Option One, H&R Block
- Massachusetts sues H&R Block over mortgages to minorities
- Morgan Stanley to Pay $102m in Subprime Settlement with Massachusetts AG
- Calif. attorney general sues Countrywide Financial
- MassLive : Massachusetts Attorney General Martha Coakley promises to fight foreclosures
2008-11-12 — bizjournals.com
Massachusetts Attorney General Martha Coakley’s office announced Wednesday that it has secured a preliminary injunction against two mortgage originators accused of deceptive mortgage practices.
The injunctions prevent Option One Mortgage Corp. and H&R Block Mortgage Corp. from initiating or advancing foreclosures on loans that may have been secured using unfair business practices. The Attorney General’s office filed suit against the two companies alleging they originated thousands of subprime mortgages in the state when the companies knew the customers would not be able to afford the loans. It also alleges that the companies discriminated against minority borrowers in Massachusetts by charging them higher points and fees to close their loans than white customers.
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Comments:
travelare at 08:24 2008-11-13 said:
American Home Mortgage? What effect, if any, does this have on those loans that came along for the ride... Permalinktravelare at 08:28 2008-11-13 said:
There staff is in Mass directing the freclosures, but they may be in other states PermalinkSteveP at 15:11 2008-11-13 said:
Martha Coakley you ignorant slut! Option One/H&R Block (along with the individuals who purchased securities backed by Option One/H&R Block mortgages) are the victims not the perpetrators. The majority of those defaulting borrowers who the AG is trying to protect engaged in fraud to secure those mortgages. Many of those scamming borrowers accepted high rates and lousy ARM terms without even trying to shop or negotiate because they had no intention of ever making a payment and were simply looking for the lender who was the easiest to defraud. When Martha takes a break from her bed hopping, maybe she can have her office go after the thousands of fraudsters in her state that ripped off the US tax payers that are funding the $700 billion bail out. Permalinkadd a comment | go to forum thread
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