San Diego sues Bank of America over foreclosures

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Submitted by fat_lazy_union_... on July 23, 2008 - 12:40pm

LOL:

You folks catch this in the news?

http://biz.yahoo.com/rb/080723/bankofame...

SAN DIEGO (Reuters) - San Diego City Attorney Michael Aguirre said on Wednesday he had filed a lawsuit against Bank of America Corp (NYSE:BAC - News) and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in his city, which he aims to make a "foreclosure sanctuary."

Aguirre said he plans to file similar lawsuits against Washington Mutual Inc (NYSE:WM - News), Wells Fargo & Co (NYSE:WFC - News) and Wachovia Corp (NYSE:WB - News) in an effort to make the lenders negotiate with mortgage borrowers facing foreclosure. "We would like to see San Diego become a foreclosure sanctuary," Aguirre said.

(Reporting by Marty Graham in San Diego; Writing by Jim Christie; editing by Carol Bishopric)

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I love this statement: "foreclosure sanctuary"

Thanks fellow taxpayers and San Diego citizens for your kind donations to the Church of the Fannie Mae and Freddie Mac :)

In the lighter side of the news. BAC is $34/share today, which is slightly less than 90% up from last week before the curbs for shorting went in place. lol. This market makes no sense.

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What's a good price to re-buy
Submitted by Arty on July 23, 2008 - 12:50pm.

What's a good price to re-buy into SKF? I wounder...

I guess maybe Mr. Aguirre
Submitted by FormerSanDiegan on July 23, 2008 - 1:33pm.

I guess maybe Mr. Aguirre thinks this will score some re-election points.

I wonder what real purpose does he think this will serve ?

Why not also sue automotive finance companies so that they can't repossess vehicles. Make it a repossession-free zone. Cool. Free-love, power to the people.

Nutjob.

I know if I were a bank and
Submitted by sdduuuude on July 23, 2008 - 1:48pm.

I know if I were a bank and there was an area in which I was not allowed to foreclose, I would stop making loans in that area. This law would be the END of house buying.

I know if I were a bank and
Submitted by FormerSanDiegan on July 23, 2008 - 2:07pm.

I know if I were a bank and there was an area in which I was not allowed to foreclose, I would stop making loans in that area. This law would be the END of house buying.

Exactly !

I guess if your only tool is a hammer everything looks like a nail. His only tool is a lawsuit.

I suppose the city attorney's solution to that problem would be to sue the banks to force them to lend money.

Didnt the Mayor of
Submitted by sdrealtor on July 23, 2008 - 2:52pm.

Didnt the Mayor of Philadelphia do the same thing a couple months ago? Aguire is a clown, an unoriginal, kopykat klown.

FormerSanDiegan wrote:I guess
Submitted by Wickedheart on July 23, 2008 - 5:05pm.

FormerSanDiegan wrote:
I guess maybe Mr. Aguirre thinks this will score some re-election points.

I wonder what real purpose does he think this will serve ?

I think Mikey's got little man syndrome.

Maybe Mr Aquirre does want to be re-elected. He hasn't spent any money on his campaign. I was going to vote for him but not anymore.