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Wall Street Roundup

Fremont to halt some foreclosures

July 12, 2007|From Times Wire Services

Fremont General Corp., which made thousands of sub-prime loans in Massachusetts, will stop foreclosure proceedings in the state to give officials time to review all transactions, the state said Wednesday.

Martha Coakley, Massachusetts' attorney general, said her office had reached a preliminary agreement in which the Santa Monica-based lender would stop foreclosures on more than 2,000 Massachusetts loans that the company services.

A spokesman for Fremont did not immediately return a call seeking comment.

Coakley announced her agreement with Fremont on the same day Massachusetts Gov. Deval Patrick said the state would create a $250-million bailout fund to help borrowers move out of their sub-prime mortgages into other loans.

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