City Of Memphis, Shelby County Consider Lawsuits Against Predatory Lenders

In Memphis, Tennessee, WHBQ Fox-TV Channel 13 reports:

• The city and county mayors are considering drastic action because of the area's foreclosure epidemic. The idea is still in the early stages, but Memphis and Shelby County leaders are heavily researching a plan to sue mortgage companies. Leaders blame these loans for Memphis having the highest foreclosure rate in the state.

• Similar lawsuits are underway in another part of the country. The City of Baltimore is overrun with foreclosed homes. Leaders there saw predominately African American neighborhoods with extremely high foreclosure rates. The situation is similar in Memphis, where 10 percent of some neighborhoods have foreclosed homes.

For more, see Local Leaders Consider Suing Mortgage Companies.

See also, The Memphis Daily News: Predatory Lending Suit Could Gain Traction.

For lawsuits alleging predatory lending filed by officials in Baltimore, Maryland, and the state of Massachusetts, see:

• Mayor and City Council of Baltimore v. Wells Fargo Bank, N.A., et al. (approx 9.74 MB),
• Commonwealth of Massachusetts v. H&R Block, Inc., et al. (approx 5.25 MB).