City Contemplates Lawsuit Against Lenders For Foreclosures
by Pam Simpson
The Kudzu Vine
Blight, due to a high rate of foreclosed homes is rampant in parts of Memphis and Shelby County, Tennessee. One source estimates there were almost 12,000 foreclosures in Shelby County between January 2007 and September 2008.
According to a local TV station, City of Memphis and Shelby County leaders are contemplating a lawsuit against unnamed (as yet) mortgage lenders. The government officials blame subprime home loans for Memphis having the highest foreclosure rate in the state of Tennessee.
Memphis is closely watching Baltimore, MD to see what transpires with a lawsuit that city filed against Wells Fargo. That lawsuit claims that Wells Fargo targeted African-Americans with subprime loans.
Both Memphis and Shelby County expect a drop in property tax revenue when county-wide reappraisals commence in January and are looking for ways to re-coop some of those losses.
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Copyright© 2008 By Pam Simpson, All Rights Reserved...**City Contemplates Lawsuit Against Lenders For Foreclosures**
Disclaimer: All information provided by this author is based on information collected from several sources and is believed accurate but not guaranteed.
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