{"id":197124,"date":"2008-02-28T19:53:00","date_gmt":"2008-02-29T00:53:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/02\/28\/massachusetts-judges-rules-some-mortgages-structurally-unfair-under-state-consumer-protection-law\/"},"modified":"2008-02-28T19:53:00","modified_gmt":"2008-02-29T00:53:00","slug":"massachusetts-judges-rules-some-mortgages-structurally-unfair-under-state-consumer-protection-law","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/02\/28\/massachusetts-judges-rules-some-mortgages-structurally-unfair-under-state-consumer-protection-law\/","title":{"rendered":"Massachusetts Judges Rules Some Mortgages &#8220;Structurally Unfair&#8221; Under State Consumer Protection Law"},"content":{"rendered":"<p>This is interesting.  The judge<a href=\"http:\/\/www.bostonherald.com\/business\/real_estate\/view.bg?articleid=1076105\">has basically ruled that this business model is fradulent and illegal<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>A Suffolk Superior Court judge has issued a potential landmark order slowing down thousands of Massachusetts foreclosures and declaring whole classes of subprime mortgages \u201cstructurally unfair\u201d under state law.<\/p>\n<p>\u201cIt is both imprudent and unfair to approve mortgage loans that the borrowers cannot reasonably be expected to repay if housing prices were to fall,\u201d Judge Ralph Gants wrote in a preliminary injunction against notorious subprime mortgage lender Fremont Investment and Loan. \u201cJust 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.\u201d<\/p><\/blockquote>\n<p>My guess is that it will either be overturned on appeal, or the foreclosures will resume after 90 days, or both.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is interesting. The judgehas basically ruled that this business model is fradulent and illegal: A Suffolk Superior Court judge has issued a potential landmark order slowing down thousands of Massachusetts foreclosures and declaring whole classes of subprime mortgages \u201cstructurally unfair\u201d under state law. \u201cIt is both imprudent and unfair to approve mortgage loans that &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1261,970,1004,1265,972],"tags":[],"class_list":["post-197124","post","type-post","status-publish","format-standard","hentry","category-bubble","category-corruption","category-finance","category-housing-crash","category-justice"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197124"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=197124"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197124\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=197124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=197124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=197124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}