Subprime Solutions (December 2008)
12/2008
We are pleased to present the December edition of Subprime Solutions, a newsletter from Mintz Levin’s Subprime Practice Group that gathers news on the subprime and credit crises from a variety of sources to keep you apprised of breaking developments in this ever-evolving area and its far-reaching consequences.
We’d like to direct your attention to an advisory distributed on December 17, 2008 by the Subprime Practice Group entitled, “Another Subprime Lender Enjoined from Foreclosing on Mortgage Collateral.” This advisory analyzes a recent decision by the Massachusetts Superior Court to enjoin subprime lenders H&R Block and Option One Mortgage Corp. from foreclosing on any of their mortgage loans with Massachusetts subprime borrowers without the express prior approval of the Attorney General. This decision relied substantially on the findings in Commonwealth of Massachusetts v. Fremont Investment & Loan and Fremont General Corp., which was decided on February 28, 2008 (see our April 24, 2008 advisory pertaining to this decision).
