Atlanta may take the first steps toward a lawsuit against mortgage lending companies blamed with driving up foreclosures through shady lending practices. The city council is set to consider a resolution Monday that would require the city to hire an attorney to investigate whether to file a lawsuit against mortgage lending companies and financial institutions. A report by foreclosure listing firm RealtyTrac this month named Georgia among the top 10 states in the nation for foreclosures during the first quarter of 2009. If Atlanta moves forward, it will join other cities like Baltimore which have turned to the courts to fight banks they blame for skyrocketing foreclosures.
(Associated Press)
(Associated Press)
