John Edwards will be dropping his presidential bid in the next few minutes when he gets word of this one. There's some serious money to be made for trial lawyers suing the banks, mortgage brokers, builders, lenders, realtors, appraisers and other assorted REIC.
But the lawyers gotta act fast. The REIC will all be bankrupt soon. Tough to get blood from a turnip.
Wells Fargo, BofA, others sued by city of Cleveland over foreclosures
The city of Cleveland sued Wells Fargo and other mortgage lenders alleging that high-rate mortgages that have forced many into foreclosure and left entire neighborhoods in ruins.
Officials of the Ohio city hope to collect hundreds of millions in damages, including depressed tax revenues from lower property values and money spent on demolishing and boarding up abandoned houses.
"To me, this is no different than organized crime or drugs," Cleveland Mayor Frank Jackson told the Cleveland Plain Dealer.