Foreclosure spike prompts action
The rise in mortgage foreclosures has sparked a sharp downturn in the state’s economy and forced thousands of Minnesota families from their homes. The situation grows worse daily, with a record-setting 33,000 Minnesota foreclosures predicted for 2008.
Worried by this trend, Minnesota politicians are borrowing a page from depression-era lawmaking and considering several bills that would stem the tide and protect homeowners, renters, and neighborhoods from its devastating consequences.
Amidst all the action is a growing debate—what are the ripple effects of this complicated problem? And how much should the government do to protect its citizens from financial distress?
On April 3, join U of M law professor and former assistant attorney general Prentiss Cox, who played a central role in crafting the state’s anti-predatory lending law and foreclosure deferment bill, as he discusses the complex issues surrounding the foreclosure crisis in Minnesota.
Prentiss Cox is a Clinical Professor of Law at the University of Minnesota. A frequent speaker on consumer protection issues, Cox was an Assistant Attorney General and manager of the Consumer Enforcement Division in the Minnesota Attorney General’s Office prior to joining the U of M faculty. He holds a J.D. from the U of M Law School and has prosecuted numerous nationally-recognized cases involving predatory lending, subprime mortgage lending, credit card practices, and telemarketing fraud. Professor Cox, who has been selected as a Minnesota “Super Lawyer,” helped research and draft the state’s anti-predatory lending law and the Minnesota Subprime Foreclosure Deferment Act.