Consumer Law

Larry Kirsch on the Fremont Case

By Jeff Sovern

Larry Kirsch of IMRHE, LLC has written The State Attorney General as Consumer Advocate: A Recent Effort to Tame Unfair Subprime Lending.  Here's the abstract:

In 2008, the Massachusetts Attorney General?s Office obtained a preliminary injunction in state court against Fremont Investment and Loan, a major state-chartered lender active in the subprime mortgage market. The injunction claimed that Fremont?s Adjustable Rate Mortgage loan products and underwriting practices were inherently unfair to borrowers. This article describes the unique and innovative role played by the Attorney General?s Office in enforcing the unfairness arm of a state?s Unfair and Deceptive Acts and Practices statute against abusive financial products and practices. And it suggests that the heretofore underused state UDAP unfairness litigation strategy is available to other states.<

Full post as published by CL&P Blog on October 01, 2010 (boomark / email).