djc
01-11-2008, 08:59 PM
‘We have to hold accountable those who are responsible,’ mayor claims
CLEVELAND - The city of Cleveland, an epicenter of the nation's home foreclosure crisis, has sued 21 banks and claimed their subprime lending practices created a public nuisance that hurt property values and city tax collections.
The lawsuit was filed Thursday in Cuyahoga County Common Pleas Court, and seeks to recover hundreds of millions of dollars in damages, including lost taxes from devalued property and money spent demolishing and boarding up thousands of abandoned houses.
Cleveland Mayor Frank Jackson said Friday that the buying and selling of high-interest mortgages by some of the nation's biggest banks had devastated city neighborhoods struggling to recover after the loss of manufacturing jobs.
"We have to hold accountable those who are responsible," Jackson said at a City Hall news conference.
http://www.msnbc.msn.com/id/22613244/
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Ah, so the person who sells drugs is the problem, not the buyer. The lack of blame and responsibility on those who signed on the dotted line is appalling.
CLEVELAND - The city of Cleveland, an epicenter of the nation's home foreclosure crisis, has sued 21 banks and claimed their subprime lending practices created a public nuisance that hurt property values and city tax collections.
The lawsuit was filed Thursday in Cuyahoga County Common Pleas Court, and seeks to recover hundreds of millions of dollars in damages, including lost taxes from devalued property and money spent demolishing and boarding up thousands of abandoned houses.
Cleveland Mayor Frank Jackson said Friday that the buying and selling of high-interest mortgages by some of the nation's biggest banks had devastated city neighborhoods struggling to recover after the loss of manufacturing jobs.
"We have to hold accountable those who are responsible," Jackson said at a City Hall news conference.
http://www.msnbc.msn.com/id/22613244/
----
Ah, so the person who sells drugs is the problem, not the buyer. The lack of blame and responsibility on those who signed on the dotted line is appalling.