 urbanlife says: "This wave of foreclosures in minority neighborhoods really threatens to undermine the tremendous progress the city has made in developing distressed neighborhoods and moving the city ahead economically." "Foreclosures have a more profound effect in minority communities because they are closest to the line of distressed neighborhoods in many cities. That causes big problems for the cities, not just the lost income from taxes but also the long-term social costs. Programs are going to be needed to stabilize the communities to be rebuilt." So first you sue the banks for "redlining" areas where they are discriminating against minorities by not lending enough. Then you sue the banks because they make the loans but require higher interest rates because of the risks involved. Risks, which are proved by the fact that there are a lot of foreclosures - i.e. people took out loans for overpriced properties that they had no way of paying for. They were relying on the greater fool theory and unfortunately they found out that they were the fools stuck with something they couldn't afford. And NOW these hypocrites in Baltimore are suing the bank? That takes great big brass ones. P.S. Did Wells Fargo take physical control of the borro... |
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