Mass. AG Sues Option One
The state of Massachusetts is suing defunct Option One Mortgage Corp. and its parent over allegations it placed minority borrowers in high-cost loans and contributed to the state's foreclosure crisis. The company was criticized for encouraging networking among minority groups, paying yield-spread premiums and paying volume bonuses.
A lawsuit was filed in Suffolk Superior Court Tuesday by Massachusetts Attorney General Martha Coakley against Option One and parent H&R Block Inc., an announcement yesterday said.
The Irvine, Calif.-based subprime lender, which ended operations in December, is accused of placing borrowers in risky loans it should have known would wind up in foreclosure. In addition, the company allegedly charged several hundred dollars more in fees and points to black and Latino borrowers than similarly situated white borrowers.
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