The Federal Appeals Court has spoken and they said Cleveland has no merit regarding recouping monies from banks who set up sub prime lenders who as we all know helped make a mess of the housing market. You may recall my post about foreclosure rates jumping 24% in 2006. Not surprised, just an fyi.
Christine Ricciardi of Housing Wire covers it in good detail here. Cleveland picked 21 banks, was less specific in scope than Baltimore was when they tried to bring a somewhat similar suit…they lost too. One of the panel of judges talked about drugs and arson and housing neglect, not sub prime lending. Didn’t all that happen after the sub prime lending? Just sayin’.
Peace Out – 3C
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment