Posted by Burton Georgia Loan Closers.com on 1/14/08 1:18pm
Msg #230512

City of Cleveland Files Suit

Cleveland Names Major Banks in Subprime Mortgage Suit



The city of Cleveland filed a lawsuit last Thursday accusing firms such as Citigroup, Bank of America, Wells Fargo and Countrywide Financial of playing a major role in the subprime mortgage collapse that has left thousands of abandoned homes in that city. Cleveland city officials hope to recover damages associated with the cost of maintaining the boarded-up homes. The lawsuit, filed under a state public nuisance law, is separate from a lawsuit by the city of Baltimore against Wells Fargo. Christopher Maag, The New York Times 01/12/2008
Read Article: The New York Times