Archive for December 6, 2013
In the latest development resulting from the 2008 collapse of the sub-prime mortgage industry, Los Angeles’s city attorney has started a lawsuit against both Citigroup and Wells Fargo.
The lawsuit alleges that the companies engaged in mortgage discrimination, leading to a flood of foreclosures primarily in minority communities. These foreclosures led to losses in property value, costing the city tax revenue, and leaving it responsible for policing vacated homes.
It’s safe to say that foreclosure has far reaching effects. It not only impacts individual families; the reverberations are felt throughout entire communities, and the U.S. economy itself. If you