This is really unbelievable. Politicians will do nearly anything to shift blame and grab money.
'We have to hold accountable those who are responsible,'
How about the people that took out the loans and didn't repay them?!
Cleveland sues 21 banks for home loans gone bad - USATODAY.com: "CLEVELAND — The city of Cleveland, an epicenter of the nation's home foreclosure crisis, has sued 21 banks, claiming their subprime lending practices created a public nuisance that hurt property values and city tax collections. The lawsuit was filed Thursday in Cuyahoga County Common Pleas Court, and 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. Cleveland Mayor Frank Jackson said Friday that the buying and selling of high-interest mortgages by some of the nation's biggest banks had devastated city neighborhoods struggling to recover after the loss of manufacturing jobs.
'We have to hold accountable those who are responsible,' Jackson said at a City Hall news conference. Jackson compared the impact of the mortgage practices to the harm caused by drug dealing and said the motive was the same: profit."
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Friday, January 11, 2008
Cleveland sues 21 banks for home loans gone bad
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1 comments:
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