Bankruptcy

Mass AG Sues Option One

By Bill McLeod, Esq.

Massachusetts Attorney General Martha Coakley's office has brought suit against Option One. From the press release:

Today, Massachusetts Attorney General Martha Coakley?s Office filed a lawsuit in Suffolk Superior Court against Option One Mortgage Corp. (?Option One?), a subprime lender that originated thousands of loans in Massachusetts, and its parent company, H&R Block, Inc. (?H&R Block?). The complaint alleges that Option One and H&R Block engaged in unfair and deceptive conduct on a broad scale by selling extremely risky loan products that the companies knew or should have known were destined to fail to Massachusetts consumers. The complaint also alleges that the companies discriminated against black and Latino borrowers in Massachusetts by charging them higher points and fees to close their loans than similarly situated white borrowers and by targeting black and Latino consumers with marketing that pushed the sale of predatory loan products.

Read more here

Full post as published by McLeod Law Offices on June 03, 2008 (boomark / email).