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Predatory Lending Regulations
Usury in Massachusetts
I ran across two articles on usury and expect we will see more as the debt markets and foreclosures continue to sort themselves out and more borrowers are faced with foreclosure. Usury is the charging of excessive interest on a loan. Most states have a law prohibiting usury and defining what is meant by usury. [...]
Delay in Implementing New Mortgage Regulations
As Jay Fitzgerald of the Boston Herald reports: Companies may drop home loans The mortgage industry does not like the new mortgage regulations proposed by the Attorney General. As I posted on this summer, these new predatory lending regulations under 93A are well intentioned but vaguely drafted: (15) Lender Must Believe the Borrower Can Repay, [...]
New Predatory Lending Regulations – (18) Prohibiting Discrimination
The Attorney General is proposing new regulations under the Consumer Protection Act (M.G.L. 93A). The new regulations add new prohibited activities as provisions (15), (16), (17) and (18) under 940 C.M.R 8.06. The new prohibited activity in item (18) of the proposed regulations prohibits a lender from discriminating among similar borrowers. “It is an unfair [...]
New Predatory Lending Regulations – (17) Loans Not in the Borrower’s Interest
The Attorney General is proposing new regulations under the Consumer Protection Act (M.G.L. 93A). The new regulations add new prohibited activities as provisions (15), (16), (17) and (18) under 940 C.M.R 8.06. The new prohibited activity under item (17) makes it a “deceptive act or practice for a mortgage broker to process, make or arrange [...]
New Predatory Lending Regulations – (16) No Documentation Loans
The Attorney General is proposing new regulations under the Consumer Protection Act (M.G.L. 93A). The new regulations add new prohibited activities as provisions (15), (16), (17) and (18) under 940 C.M.R 8.06. The proposed prohibited activity in (16) limits the mortgage lender’s ability to make no-documentation or limited documentation loans. These types of loans were [...]
New Predatory Lending Regulations – (15) Lender Must Believe the Borrower Can Repay
The Attorney General is proposing new regulations under the Consumer Protection Act (M.G.L. 93A). The new regulations add new prohibited activities as provisions (15), (16), (17) and (18) under 940 C.M.R 8.06. The new (15) provides in part: “It is an unfair or deceptive act or practice for a . . . lender to . [...]
Summary of Proposed Predatory Lending Regulations
The Attorney General is proposing new regulations under the Consumer Protection Act (M.G.L. 93A). The Attorney General summarized wants to enact the new regulations to: · Prohibit mortgage brokers or lenders from making a loan if they do not have areasonable belief that the borrower is able to repay the loan.· Restrict the abuse of [...]
Predatory Lending Regulations and Hearing Schedule
The Massachusetts Attorney General is reacting to the current sub-prime mortgage lending situation by proposing several new regulations under M.G.L. 93A A copy of the proposed regulations can be found here. The hearing schedule for the proposed regulations is as follows: Monday, September, 17, 2007, 11:00 a.m.Worcester Regional Chamber of Commerce339 Main StreetWorcester, MA 01608 [...]
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