Atlanta Looking To Sue Mortgage Lenders
So let me get this straight, the City of Atlanta gorges itself on taxes from properties that soar in value while increasing services and jobs for nephews during the housing boom. Then, when the bottom falls out of the market, it not the city’s fault, but the fault of the mortgage companies that Atlanta is broke and has over spent themselves?
Now they want to sue the mortgage companies to get lost tax revenue, because the mortgage firms lent to people that got foreclosed upon? The citizens of Atlanta should sue the Atlanta elected officials who squandered the surplus in tax revenue that came in the door during the boom.
Some city leaders believe risky lending practices by some banks and companies are responsible for the rising number of foreclosures in Atlanta — thereby creating several problems for City Hall — and would hire a law firm to investigate the city’s legal options.
The City Council is scheduled to vote on the proposal on April 20.
City Attorney Elizabeth Chandler said Atlanta has no potential defendants in mind, stressing it is in the “exploratory stage” of any legal action. ajc.com.
The true unnerving part of this whole situation is that the Atlanta City Government thinks the tax money at a high level is their right and their property. They feel they have been stolen from, when in reality they wasted the bonus that came during the boom period.
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Great blog, keep the great content coming! 
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Comment by Brandon on 7 April 2009:
Populist rage at its finest!
Comment by Portland Real Estate on 7 April 2009:
Hilarious. I find it funny that so many cities just drank in the money while they had it, but never planned for the future.
Comment by Atlanta homes on 7 April 2009:
Believe me guys, we in the real estate business here in Atlanta are cracking up over this. Will this set a movement across the nation? The Atlanta market has suffered the same a many other large markets across the country.
Comment by Chris Dingman on 8 April 2009:
This is honestly hilarious. The write-up is excellent. Keep up the great work!
Pingback by Atlanta Looking To Sue Mortgage Lenders on 8 April 2009:
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Comment by Eric- New Orleans Condos and Lofts on 9 April 2009:
Maybe they can give great speeches but know nothing about money management. Seems like a growing trend ! Who can we blame?
Comment by Mark Madsen on 9 April 2009:
I’m thinking that I should sue mortgage companies as well for contributing to artificially inflated values which led to the higher property taxes that I had to pay over the past three years.
Comment by Erika Eaton on 22 April 2009:
You hit the nail on squandering the surplus. Atlanta experienced a huge increase in property values over the last decade, and instead of putting the money in a rainy-day account, the elected officials spent it all.