January 08, 2008

The City of Baltimore has sued Wells Fargo for writing bad loans within city limits, the New York Times reports. City officials claim that forclosures lower property values, which in turn reduces property tax revenues. The logical next step: suing local business owners who inconsiderately go bust.

UPDATE: Oops! It looks like the speedy and insightful Michael Krauss beat me to this one, and with more analysis (see below).