SUE THE BANKS: Deficit tied to foreclosures

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SUE THE BANKS: Deficit tied to foreclosures

SUE THE BANKS: Deficit tied to foreclosures

Simple solution for each and every state that was destroyed by using MERS alone.

Michigan Citizen-

If you believe the status quo media reports and some state officials, the city of Detroit has exhausted all of its options to erase its mounting budget deficit. The only solution, according to Gov. Rick Snyder and State Treasurer Andy Dillion, is imposing an emergency manager.

The city, according to some legal experts, has another possible course of action: Suing the banks to recoup revenue losses caused by fraudulent lending practices.

Since the onset of the nationwide home foreclosure crisis, several cities have challenged the banking industry in court. In most cases, the goal was to establish a direct link between bank-led home foreclosures and municipal budget deficits. The efforts have largely failed thus far.

[MICHIGAN CITIZEN]

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