Lynn ‘proceeding as usual’ with foreclosure ordinance as injunction looms - Itemlive.com: News

Lynn ‘proceeding as usual’ with foreclosure ordinance as injunction looms

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Posted: Tuesday, July 15, 2014 3:00 am

LYNN — A cadre of banks filed a complaint calling the city’s foreclosure ordinance unconstitutional, but it has yet to seek an injunction to actually halt any action.

“We have never been served,” said city attorney James Lamanna. “We are proceeding as usual until the court tells us otherwise.”

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5 comments:

  • Harlan Stearns posted at 5:36 pm on Wed, Jul 16, 2014.

    Harlan Stearns Posts: 941

    I hope if I ever a problem paying off a car loan that the city of Lynn will force mediation between me and my bank.

     
  • car54whereareyou posted at 8:33 am on Wed, Jul 16, 2014.

    car54whereareyou Posts: 242

    Plenty of people in this city go on vacation,They own homes,pay mortgages
    etc. I happen to be one of them,I am not from ward 1 we are not "rich" but
    we work for everything we have. I could have bought a huge house up
    on the Peabody line but chose not to. We bought what we could afford I understand the Big Banks "bad lenders" are also at fault here but so are the
    people that signed mortgage notes.

     
  • samlynn posted at 1:02 pm on Tue, Jul 15, 2014.

    samlynn Posts: 71

    And of course this also leaves the issue of the greed of the banks which led them to overlook ethical issues like drug cartels and terrorist ties in their money laundering profits...

    http://www.forbes.com/sites/halahtouryalai/2013/03/26/fed-hits-citi-over-money-laundering-problems/

     
  • samlynn posted at 12:58 pm on Tue, Jul 15, 2014.

    samlynn Posts: 71

    You do realize that the vacationers you speak of are non-existent in our city, right? And you want to talk greed... Why is it that CitiGroup just got slammed with a $7 billion dollar fine, which is really chump change to them, for "mortgage misdeeds"? Such a euphemism...Check it out in today's New York Times. I am not making it up and I could, of course, submit other documentation.

    http://dealbook.nytimes.com/2014/07/14/citigroup-and-u-s-reach-7-billion-mortgage-settlement/?module=Search&mabReward=relbias%3Ar%2C%7B%222%22%3A%22RI%3A18%22%7D


     
  • car54whereareyou posted at 11:07 am on Tue, Jul 15, 2014.

    car54whereareyou Posts: 242

    I understand that foreclosures hurt this city's housing market,However I believe we
    should be helping only the homeowners who were a product of bad lenders and
    the realty companies who made sure these loans went through. I do not find it
    important to help the people who used their homes equity to go on vacations,buy
    new cars and live far beyond their means. If you bought a house back in 1990 @
    85K why would you take out a second mtg 200K ? So in 08 the market tanked
    so did the value of your home. If you are holding a mtg note 285K for a house that
    is worth 120K that is your problem not the banks. It is simple math people do not
    be so greedy.

     

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