Who Can Go After Banks for the Foreclosure Crisis?

Livinglies's Weblog

Foreclosures States FILE – In this March 24, 2009 file photo, a sign lies on the ground in front of a foreclosed home in Homestead, Fla. Officials in 49 states have launched a joint investigation into allegations that mortgage companies mishandled documents and broke laws in foreclosing on hundreds of thousands of homeowners. (AP Photo/J Pat Carter, File)

Editors Note: When Banks defraud American cities out of county recording fees and saddle them with the maintenance of foreclosed real estate that the banks have abandoned or neglected- cities lose revenue.  The cities are then unable to care for the homeless families that were displaced by the banks and may neglect to provide basic municipal services like public water, sanitation or maintain the infrastructure.

The city of Detroit is a perfect example of how a bankrupt city was unable to properly carry out its assigned responsibilities to its citizens due to financial deficiencies…

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2 thoughts on “Who Can Go After Banks for the Foreclosure Crisis?

  1. Most cities are incorporated in my recollection, are they not? According to citizens united corporations are people. So, by way of that ruling, cities can bring suit against the banks… True? Not a lawyer. Not legal advice. But I am a real person, flesh and blood.

    • If I were the employees union I’d bring suit and depose the crap out of the city and/or state about their investments in these unregulated securities and how much money they lost. Who gave the order to buy the risky securities…and who advised the order giver to buy them? For example, were there calls from Jed Bush to the Govenor while he worked for Lehman asking for pension funds to be invested to help with the cash flow? See The Sucker Punch post on DeadlyClear.

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