Several large cities have joined forces in an effort to find solutions relating to the wave of foreclosures across the nation. The goal is to share strategies and save neighborhoods. The cities from across the United States will share legal strategies in dealing with mortgage lenders in an effort to reverse the effects of the foreclosure crisis. St. Paul, Minnesota and Baltimore are co-chairing the group. At press time, 13 cities with major populations, including Atlanta, Chicago, and Memphis, had signed on. The name of the new alliance is the National Multi-City Litigation Working Group on Foreclosures.
Cities across the nation have watched homes go vacant and neighborhoods deteriorate because of the explosion of foreclosures. Millions of dollars have already been spent coping with the problem. Cities have made varied efforts to stabilize their neighborhoods, from working with lenders on various programs to filing suits against the lenders. The initial goal of the group is to share information, coordinate legal strategies and pool resources and legal clout to get lenders to be “part of the solution,” according to St. Paul City Attorney John Choi. Our firm is representing the City of Birmingham. We are discussing litigation strategy with several other major U.S. cities. It’s very likely we will file suits for them very soon.
Source: Star Tribune
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