Per Foreclosures Spur States to Rescue Homes From Default (Update1) by Brian Louis, Bloomberg News, May 17, 2007:
"Ohio Attorney General Marc Dann said on May 15 that he wants to sue Wall Street firms because their bond sales enabled consumers to get mortgages they couldn't afford. Ohio has already won the right through a lawsuit to review foreclosures by New Century Financial Corp., the bankrupt California-based lender. Dann may add investment banks and credit-rating firms to the case or bring new suits, perhaps using Ohio's civil version of the federal Racketeer Influenced and Corrupt Organizations Act."
See our prior post: AG Sues to Shut Down Alleged Predatory Lender
Posted by Sue Altmeyer