• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Cleveland sues 21 banks and wall street firms

Status
Not open for further replies.

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I would bet hard cash Cleveland would like to see some of The Paminators evidence!


from the Story:

"Joshua Cohen, a partner with Cohen Rosenthal & Kramer LLP, will lead a team of outside lawyers assisting the city.

Cohen is perhaps known best for representing Cleveland Browns season ticketholders in a class-action lawsuit that brought a $3 million settlement after Art Modell moved the football team to Baltimore. His Cleveland law firm has five attorneys, setting the stage for a David-versus-Goliath court battle."
 
Last edited:

Zmcraney

Junior Member
Joined
Oct 17, 2007
Professional Status
Licensed Appraiser
State
Mississippi
I imagine alot of cities are sitting back waiting to see how this one plays out
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
Didn't someone here - a couple days ago - reference Baltimore as doing the same thing?
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Guess you guys already know what I going to say I.T.Y.S

Those that don't know, well I TOLD YOU SO. Yep 2008 is going to be a excituing year 2009 even better!!
 

Edward OConor

Member
Joined
Apr 27, 2006
Professional Status
Certified Residential Appraiser
State
New York
With a statement like this: "Jackson contends the companies irresponsibly bought and sold high-interest home loans. The result: widespread defaults that depleted the city's tax base and left entire neighborhoods in ruins."

IMHO I think going after the fat cats and that they are missing the mark and that their target should be the originators at least along with the secondary markets.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Actually, I think they ought to go after the appraisers first!!!!


These people will sing like canaries!!! Plus the word gets out fast and there is HOW comp checks will finally end for good.

What appraiser in his right mind will fudge numbers from this day forward if they know Cleveland or any other Government will bust their butt and put them in JAIL!!
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Didn't someone here - a couple days ago - reference Baltimore as doing the same thing?


Cleveland is the second major U.S. city this week to sue over the ills of subprime loans.

On Tuesday, Baltimore sued Wells Fargo, alleging the bank intentionally sold high-interest mortgages more to blacks than to whites - a violation of federal law.
 

Tony in Ohio

Thread Starter
Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Ohio
Judging by the companies being sued and my knowledge of who actually lends in the city, I am guessing most of these loans went through brokers.

Notice the charge is "Creating a nuisance". This is like the Feds going after Capone with a tax evasion charge.
 

Edward OConor

Member
Joined
Apr 27, 2006
Professional Status
Certified Residential Appraiser
State
New York
Judging by the companies being sued and my knowledge of who actually lends in the city, I am guessing most of these loans went through brokers.

Notice the charge is "Creating a nuisance". This is like the Feds going after Capone with a tax evasion charge.

While I agree the MB's are a problem, they are only salesmen offering a product from a primary lender.

As for the Capone thing, I seem to remember that he did jail time (such as it was). It's kind of reminds me of the Tom Cruse movie "The firm". It really doesn't make any difference who you get them, just get them.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks