Cleveland Sues 21 Financial Institutions (City hopes to collect damages-foreclosure crisis.)

Newsradio WTAM 1100 ^ | January 11, 2008 | By Ken Robinson, Newsradio WTAM 1100

[Dr. Bogus Pachysandra]

“bailed out”
Dennis the Menace era. Now, the powers that be want to build a giant Medical Mart. Who, in their right mind, would want to come to a convention in Cleveland? Proctologists? I live in the suburbs of Cleveland, and avoid the place like the plague!

[svanni]

We are far more socialist than we know. Scary.

[mmichaels1970]

Now, the powers that be want to build a giant Medical Mart.

They raised sales taxes for it some time ago, without a vote, I believe. Did you notice how things sort of got confused and stalled out on this deal recently? Of course, at least the sales taxes are coming in.

[MarkT]

And just what is his standing? This is just another political whore trying to cash in on someone else’s bad judgment - most of the affected people were either speculators or people who should not have been able to purchase in the first place. Those wannabe homeowners are why God invented trailer parks.

[SAJ]

Might be VERY intersting to see, say, the top 200 banks/mortgage firms in the nation boycotting Ohio generally, and Cleveland very specifically for, oh say, a year.

Heh heh heh...or would the dipsticks in gummint figure it out more quickly than that, that the cities need the banks way the hell more than the banks need the cities?

[Poison Pill]

Gov’t actions cause me to lose revenue all the time. Can I sue too?

[Publius Valerius]

This won't work but it will have the effect of driving away future lenders.

Mmm. Note who wasn't sued. Cleveland based Key Bank and Cleveland based National City. How odd.

[groanup]

There are signs of recession on the horizon. This is the kind of thing that will guarantee one. No one will lend money on houses if they assume the law will be changed ex post facto, or that they will be subject to litigation if their borrowers don't pay them back.

Bank of America may have just bought a 4 billion dollar desk full of paper clips.

[Dr. Bogus Pachysandra]

Maybe someone came to their senses. But I doubt it!

[bill1952]

>Might be VERY intersting to see ...

Heh. I’m with you on that. Very interesting, indeed.

[z3n]

"This sure makes me want to move my business to the City of Cleveland."

Interesting comment. I think one or two banks have major offices or even headquarters in cleveland. National City Bank comes to mind.
Who wants to bet that they are NOT named in the suit.

[3niner]

If they succeed in this, the mortgage companies will "red-line" the entire city of Cleveland. I wonder what effect that will have on the real estate market there.

[Cheburashka]

And just what is his standing? This is just another political whore trying to cash in on someone else’s bad judgment - most of the affected people were either speculators or people who should not have been able to purchase in the first place. Those wannabe homeowners are why God invented trailer parks.

---

I’m shocked you would say such things. Why, read this story by one of these struggling unfortunates who thanks to a subprime mortgage was able to achieve his American dream.

Please Don't Destroy My American Dream

[boxerblues]

The opening of the credit doors to the unqualified and marginally qualified was a liberal project all along

Not just any liberal but none other than a certain clinton adminstration

[patj]

What “housing boom”? Where was that? When was that?

[Lorianne]

First Baltimore, and now Cleveland ...

http://freerepublic.com/focus/f-news/1951497/posts

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