Ohio Ping!
Posted on 01/11/2008 12:10:06 PM PST by Las Vegas Dave
Mayor Frank Jackson is revealing that the City of Cleveland is suing 21 banks for millions of dollars, in Cuyahoga County Common Pleas Court, claiming they ripped off consumers with high interest loans, during the housing boom.
Jackson claims the move led to foreclosures that ruined neighborhoods and caused the city to loose tax revenue.
Among the banks named in the lawsuit are Wells Fargo, Merrill Lynch and Goldman Sachs. The suit accuses institutions such as Deutsche Bank, Goldman Sachs, Merrill Lynch and Wells Fargo of creating a "public nuisance."
Meanwhile, one of the financial institutions being sued, Bank of America Corporation, will buy Countrywide Financial for $4 billion.
Experts say it’s a deal that will rescue the nation's largest mortgage lender, keeping Countrywide from going bankrupt.
Who didn’t see this coming?
These liberal governments will DO ANYTHING for money.
Ohio Ping!
This won't work but it will have the effect of driving away future lenders.
More of your tax dollars going to lawyers... BRILLIANT!
The banks get sued for NOT lending to the Inner City, and now they get sued FOR lending to the Inner City and not getting paid back.
Liberals are evil.
The housing shacks and ruins are amazing!
First we had the tobacco lawsuits. Then guns. Now mortgages. It will not be long for other municipalities to smell the dollars. These lawsuits will provide cover for the rats to nationalize the mortgage industry. The industry will no longer loan to these communities so the rats will happily fulfill the void. I am sure that the rats will be happy to provide below market, subsidized loans to their loyal constituents.
So how many quadrillion dollars are the suing for?
This is PATHETIC, and for all us taxpayers to pay the mortgages of losers who couldn't afford a house no-way/no-how is just part of the socialist wealth-redistribution we've come to know.
The city of Cleveland is a cesspool of crime, welfare 3rd generations, and city Union thugs.....there is no 'redeeming social value' in the City whatsoever....it's a DUMP.
Suing the banks is going to fix the situation I’m sure. /sarc
Don’t you know that it is your right to free food, free health care, and free housing. Well, if not free it should at least be subsidized by the government who can go to the money trees and just get more whenever they need it.
Can’t let that tax revenue get loose.
“The banks get sued for NOT lending to the Inner City, and now they get sued FOR lending to the Inner City and not getting paid back.”
The opening of the credit doors to the unqualified and marginally qualified was a liberal project all along. The liberals cannot blame themselves so they must blame the institutions (and their investors) who took the actual risks.
Cleveland has been in decline for over 40 years and the public-funded pump-priming in local “development” hasn’t changed the pace of decline one bit.
Note to Libs...higher risk loans, ie ability to pay back, equals higher interest rates.
Morons.
Tough to do now with Euclid Avenue all ripped up for the construction of bus lanes from downtown to University Circle. Another liberal pie-in-the-sky waste of our tax dollars. Meanwhile bridges continue to decay, and potholes go unfilled.
“They loaned me money against my will”
This sure makes me want to move my business to the City of Cleveland.
Didn’t the city of Cleveland itself have to be bailed out by the feds about 30 yrs ago?
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