The Charm City has filed a federal lawsuit against Wells Fargo, charging that the mortgage company engaged in predatory lending practices and was discriminatory toward borrowers. According to John P. Relman, a Washington-based attorney who is representing the city, "When you have foreclosures, the property values drop, and you get less tax revenue. There's fire and police costs that come from abandoned and boarded-up and vacant properties. It leads to crime and drugs and school problems as the community is being destabilized."
The implication is that Wells Fargo is contributing to the collapse of society because it wants to foreclose on homeowners for delinquent payments. The city of Baltimore is simply standing up for the little guy, right?
The irony in all of this is that Baltimore has been foreclosing on homes whose owners are delinquent in paying their water bills. Not only that, but city officials are upset because state lawmakers are currently considering a moratorium on these foreclosures. An investigation by the Baltimore Sun last year discovered that homeowners owing "just a few hundred dollars in municipal debts -- including Baltimore City water bills -- often are hit with thousands of dollars in fees from private debt collectors and can lose their homes if they don't pay."
So, the very people who claim to be protecting the victims of evil, predatory bankers are themselves preying on the financially misfortunate. Hopefully, the citizens of Baltimore will begin to realize that their representatives in government, like all hypocrites, are only looking out for themselves.