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City Sues Over Subprime Crisis



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).

 

 


Rafael Mangual
Project Manager,
Legal Policy
rmangual@manhattan-institute.org

Katherine Lazarski
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.