One City Sues Banks Over Foreclosures

Posted by admin under: Main Jan 12

This article chronicles how Cleveland is suing banks.

The city is claiming that their subprime lending practices created a public nuisance that hurt property values and city tax collections.

The lawsuit seeks to recover hundreds of millions of dollars in damages, including lost taxes from devalued property and money spent demolishing and boarding up thousands of abandoned houses.

Will this happen in local venues? Could be, let’s wait and see.

subprime lending practice

Source: One City Sues Banks Over Foreclosures

Saturday, January 12th, 2008 at 9:19 pm and is filed under Main. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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