City's suit against Wells Fargo is no more
As Tricia Bishop reports, a federal court has dismissed Baltimore v. Wells Fargo. The judge did not find plausible the city's argument that the company caused millions of dollars in damages through predatory mortgage lending practices.
Bishop has a short story up now. Look for the full version Thursday. A taste:
"The alleged connection is even more implausible when considered against the background of other factors leading to the deterioration of the inner city," U.S. District Court Judge J. Frederick Motz explained in an six-page memorandum opinion accompanying the dismissal order. He pointed specifically to Baltimore's "extensive unemployment, lack of educational opportunity and choice, irresponsible parenting, disrespect for the law, widespread drug use, and violence."Motz left the door open for the city to file an amended complaint, however, narrowing the scope of its claims.
Do you think the city should do so?
Posted by Jamie Smith Hopkins at 8:25 PM | Permalink
| Comments (3)
Categories: The foreclosure mess
Categories: The foreclosure mess
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Comments
The city like many of its citizens spend too much of their time looking for an easy way out and blaming others for their problems rather than looking in the mirror.
Baltimore has numerous problems for decades and their citizens and government refuse to accept blame and take actions for long term improvement. Stop trying to avoid responsibility and start enforcing education standard. Start forcing parents to accept responsibility for their kids behavior and education.
People need to go back and reread many of Bill Crosby's comments about blacks and their problems. Start accepting responsibility and correct your situation.
Numerous people from other countries have come to the US with money, possessions, etc. They manage to stick TOGETHER as a family and stress education and subsequent generations improve their lot in life and go on to success.
I won't hold my breath that anything will improve since people continue to look for handouts and believe their are entitled to things without working for them.
Trying to blame Wells Fargo or any other company for their problem or the city's problems is beyond stupid.
Posted by: rich | January 7, 2010 1:34 AM
Good for the judge. He hit the nail right on the head. This goes directly against Obama's " blame everyone else" philosophy. Predatory lending is just an excuse for "irresponsible borrowing." He is basically telling Baltimore to get it's own house in order before blaming others for our self-destruction, lack of discipline, and moral decay.
Posted by: john | January 7, 2010 8:39 AM
Does anyone know where to find Motz's opinion?
Posted by: Brian | January 7, 2010 8:58 AM