“J.P. Morgan Chase, an amalgam of some of Wall Street’s most storied institutions, now holds more than $1 of every $10 on deposit in this country. So does Bank of America, scarred by its acquisition of Merrill Lynch and partly government-owned as a result of the crisis, as does Wells Fargo, the biggest West Coast bank. Those three banks, plus government-rescued and -owned Citigroup, now issue one of every two mortgages and about two of every three credit cards, federal data show.”
Posts Tagged ‘Wells Fargo’
Ohio has been hit hard by foreclosures. Not just Cleveland but also Cincinnati. This lawsuit is aimed at Wells, Deutsche Bank and the City of Cincinnati for allowing the Price Hill areas to become dangerously blighted. The complaint states that in East and West Price Hill neighborhoods there were nearly 300 foreclosures in 2007.
The banks are blamed for allowing the properties they foreclosed on to become littered with trash and broken glass. Houses have become safety hazards and magnets for looters. They re-sell these properties, according to the complaint, to out-of-town speculators who have no intention of making improvements to the properties.
What do the plaintiffs want? They want to force the banks to make the properties presentable and if that doesn’t happen to have a receiver appointed who will make the necessary improvements if the banks don’t.
Ohio is in the forefront of efforts to legally address the terrible conditions caused by mass foreclosures. Surely, other states are being hit as hard. Why aren’t we hearing about these kinds of suits in places like Florida, California and Nevada?
Complaint courtesy Courthousenews