Commonwealth v. Fremont Investment & Loan

Gants, Ralph D., J.

The defendant Fremont Investment & Loan (“Fremont” or the “Bank”) is a California state-chartered industrial bank that, between January 2004 and March 2007, originated 14,578 loans to Massachusetts residents secured by mortgages on owner-occupied homes. Of those loans, only roughly 3,000 remain active; roughly 2,500 continue to be serviced by Fremont. Most of these loans were made in what has become known as the “sub-prime” market, in which customers who generally would not have qualified for traditional prime mortgages were provided loans at higher rates of interest. Not…