Potentially groundbreaking Memorandum and Order on Defendants' Motion to Dismiss. (See pages 7-18).
Although several claims were dismissed, notably, Plaintiff's breach of contract claim as an ITPB of HAMP SPA Agreements was allowed to go forward as in Marques v. Wells Fargo (USDC, SDC, 3:09-cv-01985-L-RBB).
If more Courts adopt this line of reasoning it could save the HAMP program by giving Banks a reason to comply with the regulations. This in turn could save hundreds of thousands of homeowners who were intended by Treasury to benefit from HAMP, but who are instead languishing in a morass of paperwork, or worse, giving up and falling into foreclosure.
Although non-binding, this is an important decision for consumer advocates to cite and adopt across the Country as persuasive authority.
-Atty. John F. Skinner, III
Counsel for the Plaintiff
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Consumer Protection Updates, Residential Real Estate Updates
State, 1st Circuit, Massachusetts |
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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