Mass. AG "Persuades" Subprime Lender To Stop Foreclosures For 90 Days

The Boston Herald reports:

• "Fremont Investment & Loan has agreed to stop foreclosure proceedings on all of its mortgages in Massachusetts for 90 days while [Massachusetts Attorney General Martha] Coakley’s office reviews the loans. If the attorney general’s office finds evidence of loans “tainted by unfair and deceptive lending practices,” it will then seek to block the California-based subprime lender from foreclosing on the mortgages in question. At that point, the AG’s office may seek a new payment plan for the homeowner or other relief."

Reportedly, as many as 2000 Massachusetts homeowners will be benefitting from this arrangement. For more, see A foreclosure truce: Fremont AG pact gets homeowners 90 days.