Posted On:
February 28, 2008
Suffolk County Foreclosures -- Judicial Brakes Applied but then What
A Suffolk Superior Court judge declared whole classes of mortgages structurally unfair under state law. It is both imprudent and unfair to approve mortgage loans that the borrowers cannot reasonably be expected to repay if housing prices were to fall, Judge Ralph Gants wrote. This is an interesting judicial approach to gain time to evaluate the system in more detail. I anticipate this may leverage lenders into finding more workout deals. What steps will be taken long term? Raises some interesting property right and freedom to contract questions. See Boston Herald Article, http://www.bostonherald.com/business/real_estate/view.bg?articleid=1076243
Bookmark: 
