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Likening their actions to those of organized crime syndicates, Cleveland's Mayor is suing 21 major banks and mortgage companies for the roles they played in the sub-prime mortgage crisis that devastated many neighborhoods in the city.
Originally posted by St Udio
reply to post by dawnstar
to my thinking, the city can only try to have those bankers/lenders
be prosecuted as 'Rackeeters' or something like that ~~ i think its
"King Pin" statute.... (even while these same lenders/brokers were
licensed by the City & State and permitted to provide their product=
Next, the City is crying in their own spilled milk...
the city collected development fees, building permit fees, inspection fees,
and after the houses were sold they collected property taxes, other assessments while the homes were not yet in default/forclosure.
The city planners are as much at fault for issuing permits and not forseeing the impact of urban density as much as the developers & lenders
heads should roll, yes... but not just the bankers
Originally posted by gottago
Great for the mayor of Cleveland! No mention of the details of the case, but I hope they're being sued under the RICO laws, created for the Mafia and organized-crime syndicates.
Simply put, that's what these "financial institutions" are.
I've also seen that legal challenges to the right of foreclosure are upholding homeowners because the banks securitized the mortgages and sold them in packages on the equities markets. With the titles fractionalized and sold off to investors, judges have ruled the initiating lender has no standing because he can't show title
Pure greed! hope this line of attack becomes more prevalent against these gangsters.