Foreclosures -- a suit and a forum
The lawsuit says the "damages and costs to Baltimore ... are in the tens of millions of dollars." You can read about it in John Fritze's story today.
On the subject of foreclosures, I have a story today about Maryland homeownership advocates and others gathering in Annapolis to discuss the growing problem and potential solutions. Some of the solutions proffered were educational, some financial -- and some regulatory:
Thomas E. Perez, Maryland's secretary of labor, licensing and rgulation, told the crowd yesterday that the O'Malley administration "will have a robust legislative agenda to ensure homeownership preservation," including "meaningful oversight" for mortgage brokers. Mortgage underwriting, he said, was "unbelievably shoddy" both during the run-up in home prices and sales that ended in late 2005 and, more recently, as sales slumped and lenders rushed to get new business.
"So many people were set up for failure," Perez said.