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Article Source: The Atlanta Journal-ConstitutionAtlanta may join the list of big cities taking mortgage lenders to court.
Some city leaders believe risky lending practices by some banks and companies are responsible for the rising number of foreclosures in Atlanta — thereby creating several problems for City Hall — and would hire a law firm to investigate the city's legal options.
Other major cities suing lenders include Baltimore; Buffalo, N.Y.; Cincinnati; Cleveland, and Memphis.
This is a good start! I'd like to all the predatory lenders sued out of business.
#1 - Fri Apr 10, 2009 7:32 AM EDTThis is a good start! I'd like to all the predatory lenders sued out of business.
Unfortunately the harm is already done. The business owners may just walk away with their profits in hand.
-----peace
#2 - Fri Apr 10, 2009 12:07 PM EDTgaryray - I don't hear the Fat lady signing just Yet......
There is an ARMY of Lawyers out there already looking into law suits against these very same lenders. This is VERY hard to prove in court, so taking time, getting all in order before filing suit, is important. The general public believed in these institutions and I would imagine, some were taken advantage of. To what extent, is the question the above mentioned Army, is searching.
Unfortunately, YES, the damage is done and many of them have already, walked away with their spoils. Most of which will probably never see a courtroom. As always, it'll be the consumer, who gets the Raw end of the Stick.
#3 - Fri Apr 10, 2009 2:03 PM EDTYou're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
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