Thursday, December 17, 2009

Baltimore Sued Wells Fargo--Seriously--For Causing Urban Blight.

The City of Baltimore sued Wells Fargo in an attempt to blame the mortgage lender for the blighted state of the city.

Seriously. The fact that Baltimore has so many blighted properties is all Wells Fargo's fault. In a time when the city has massive financial problems, it has decided to spend taxpayer money on suing a mortgage company that, according to the city's own attorneys, was responsible for 150 foreclosures. That is out of 30,000 vacant properties or one half of one percent (0.5%) of all vacant properties in the city.

I wonder how many mortgages in Baltimore that Wells Fargo has tried to work out? My guess, probably more than 150 and I am no big fan of Wells Fargo.

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