Prentiss Cox

Posted March 29th, 2008 by Joe Kaiser

Cox and others say it's too early to tell if the law is effective . . .

Dear Rob,

Here’s more news about the foreclosure problems in Minnesota and their foreclosures laws (the ones your office used to create our new foreclosure law).

From the July 27, 2005 article . . .

The law was written in part by Prentiss Cox, the former head of the consumer division of the Minnesota Attorney General’s office.

Cox, now a clinical professor of law at the University of Minnesota, says victims often agree to much larger payments than they can possibly make, and perpetrators make huge profits on reselling the property. Cox says the law addresses both issues.

University of Minnesota Professor and
former AAG Prentiss Cox

“It sets standards to make sure the homeowner has the ability to pay off the transaction, and the second is, it puts a floor there, what every civilized society should do, which is to say you can’t profit unconscionably from these transactions,” Cox says.

Cox and others say it’s too early to tell if the law is effective, but he says it has caught the attention of unscrupulous agents and lenders.— Minnesota Public Radio

No response

I’ve emailed the Professor, asking for an opinion about the effects of the law (I’m guessing it’s no longer “too early to tell”).

No response of yet, but I’m hopeful he’ll have an explanation as to why foreclosures in Minnesota have climbed to Depression Era levels following the passage of his law.

My contention?

Foreclosures are hitting all-time highs in Minnesota because there are no investors in the marketplace, having been driven out by bad laws that make it impossible for them to safely transact and earn reasonable foreclosure profits.

“It’s the statute, stupid”

The law itself created the foreclosure mess they’re in today, and I believe it’s about to happen all over again in our state with the passage of HB2791.

Now, who will write the checks that stop foreclosure, Rob?

Or, did no one from your office know enough to ask?

In the arena,

Joe Kaiser

One Response to: “Prentiss Cox”

  1. Jason responds:
    Posted: March 30th, 2008 at 11:34 am

    “The law was written in part by Prentiss Cox, the former head of the consumer division of the Minnesota Attorney General’s office.”

    FORMER, is the word that really jumped out at me. Never know what Rob is planning for his own future, maybe he wants to place “former” in front of his A.G. title. After all, he seems to place his name all over it rather that having the ” FORMER, Head of the consumer division” sign it.

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