A Massachusetts judge has barred home equity contract provider Hometap from arguing that state regulators previously approved or implicitly sanctioned the company’s business model — strengthening the attorney general’s consumer protection lawsuit against Hometap.

In a Dec. 19 decision, Suffolk County Superior Court Judge Debra Squires-Lee ruled that such fairness-based arguments cannot be used to block law enforcement action brought on behalf of the public.

The state alleges that Hometap’s flagship home equity investment (HEI) product is an “illegal, deceptive, oppressive and unconscionable mortgage that violates the criminal usury statute.”

Squires-Lee’s ruling means that Hometap cannot argue that earlier interactions details ⇒

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