Cook County sues Bank of America on predatory lending charges

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Cook County sues Bank of America on predatory lending charges

Cook County sues Bank of America on predatory lending charges

CRED-

About a week after suing HSBC PLC subsidiaries on predatory lending charges, Cook County has filed a similar suit against Bank of America Corp.

The county blames the residential lenders for contributing to the foreclosure crisis, demanding that they compensate it for the losses that it incurred as a result.

“This predatory lending crisis caused tremendous tangible and intangible damage, particularly to African American and Latino communities in Cook County,” Cook County President Preckwinkle said in a statement. “These practices led to the erosion of the tax base, the loss of property tax revenue, out-of-pocket costs relating to abandoned or vacant properties, and other damages to the fabric of the communities and residents arising from the resulting urban blight.”

The county sued Charlotte, N.C.-based Bank of America, and Countrywide Financial Corp. and Merrill Lynch & Co., businesses it bought in 2008, yesterday in U.S. District Court in Chicago. The suit includes much of the same language the county used in a federal lawsuit it filed March 24 against HSBC businesses.

[CRED]

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2 Responses to “Cook County sues Bank of America on predatory lending charges”

  1. Charles Reed says:

    6 or 7 years late and what Obama going to do about this? It does not stop here but these banks have gotten away with these crime over and over again. We are not talking about little town in Mississippi but we are talking about the 2nd largest black populated city in the country.

    LA & Miami are suing banks over racial discrimination but were in Jesse Jackson or Al Sharpton when entire cities are suing the banks for racial discrimination? Where is the NAACP of Urban League?

  2. Sarah says:

    Good questions Charles. Unfortunately, I don’t think any of the major progressives were very interested in actually helping millions of victims of this crisis – other than some speeches, petitions, web sites and op-eds. No way was this going to be another Civil Rights issue, which it is. The reason for this modus operandi, and if you look closely enough, you’ll see that many politicians of both parties, and many so-called progressive groups are so closely allied with the status quo, if not in fact funded directly by the financial institutions that intentionally caused so much damage — these progressive groups serve as a “front” to channel energy away from real Justice. They spend more time analyzing the political liability of the foreclosure crisis from counting the number of people that actually care – much more so, than taking any real action. The big Democrat Party aligned missions are simply damage control for organized crime. By the way, Cook County is just one of many ground zeros.

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