Protesters rally against legislation they say would shield predatory lenders from lawsuits
BOSTON – There was a new development Wednesday in a story the I-Team has been investigating for years.
Protesters at the Massachusetts State House rallied against proposed legislation they say would shield predatory lenders from lawsuits.
Activists are suing a local non-profit called BlueHub Capital.
They say the company tricked them into signing loans with shared-appreciation mortgages.
The deals require them to pay BlueHub tens of thousands of dollars if they ever want to refinance or sell.
"What they're doing now is, they're trying to create legislation which will give them a get out of jail free pass so they can keep continuing predatory lending practices," homeowner Nardella Thomas said.
A spokesperson for Sen. Jake Oliveira, who's sponsoring the bill, says it will allow for non-profits like BlueHub to help families keep their homes.
BlueHub sent a statement to WBZ-TV, saying the legislation would not prevent anyone from filing a lawsuit.
for more features.