Monday, June 27, 2011

Cincinnati to banks: Drop dead

From my Cincinnati peeps.....   Has anyone thought of something similar here: Cincinnati suing banks over empty eyesores

Read the story carefully.  Lots of financial institutions want it both ways.  They essentially want to foreclose on you, but don't want to file the paperwork to actually make the transaction and then incur the liabilities of actual ownership.  Can't have your cake and eat it as well.  I bet we could come up with a list of properties comparable to what is being litigated over in Cincinnati in half a heartbeat.  The legal netherworld lots of institutions are operating in when it comes to foreclosure is about as close to market failure as we come.  Where's Coase when you need him?


Anonymous MH said...

This would be a very good idea. I also liked the guy who said "Wells Fargo isn't responsible for 'the entire deterioration of the housing market ... in the city of Cincinnati.'" The truth of this would seem to ride on the inclusion of "entirely."

Tuesday, June 28, 2011 12:35:00 PM  

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