Friday, January 11, 2008

Banks Caused Foreclosures per City of Cleveland

The city of Cleveland has taken legal action against over 20 banks, claiming that they caused the housing crisis by issuing sub-prime loans which created "a public nuisance" which made real estate valuations drop.

Banks that were named in the suit included:
Bank of America (BAC)
Wells Fargo (WFC)
Deutsche Bank Trust Co. (DB)

Baltimore filed a similar suit against Wells Fargo and the state of Ohio is considering legal action.

Author does not own any of the above.

1 comment:

geegee said...

Is this a good thing? Sure we nailed Enron but at what cost to a lot of innocent people?
Let's be sure the justice we get is the justice we want when we bring suit to somebody.