Crazy wrote on Jul 24, 2008 1:54 PM:Another political move by the City Attorney to get some free press. Whatever happened to buyer beware? What ever happened to reading before you sign. How about taking responsibility for yourself? This is another attack on the "evil" corporations. No one forces anyone to sign anything. Because your Ignorant does not give you the right to sue anyone! If in fact there was questionable practices why didn't the City Attorney sue when they were occuring? Why weren't there complaints at the time? Man I used to respect this guy but he has really become the City clown!

Krista wrote on Jul 24, 2008 1:57 PM:Everyone PAY YOUR BILLS

Anne wrote on Jul 24, 2008 2:09 PM:It is called buyer beware. When I bought my home in a new development, I had to repeatedly tell the salesman, I did not want more house then what I was looking for and his "creative financing" was of no interest to me.

Hey San Diego wrote on Jul 24, 2008 2:19 PM:I signed an apartment lease that was well above what I could afford, bail me out too! Or do we have to take you to court with a class action law suit?

NorthCountyRes wrote on Jul 24, 2008 2:31 PM:This whole deal with bailing out borrowers is a shame. When I bought my home the market was overpriced because these morons had access to the banks cash. I guess the lenders and the borrower are both at fault but it seems like the only people that are paying for their mistakes is the educated responsible consumer.

Responsibility wrote on Jul 24, 2008 3:08 PM:Chances are that most (in general, not all) mortagees knew they what they were getting into. People need to be responsible for their own decisions. I for one do not want my tax dollars used to bail out those that took loans speculating that they could sell in a few years and pay off their debt. Adjustable rates are not complicated-I think people could just not help themselves from buying that huge house and mathcing SUV.

Concur with Reponsibility wrote on Jul 24, 2008 4:54 PM:I scraped and saved for my first house many years ago. I see no responsibility on my part for these folks who got themselves into financial quicksand. A house or home is not a short term investment. It is a place to LIVE.

Responsibility is a two way street wrote on Jul 24, 2008 5:43 PM:Chances are that Countrywide knew they what they were getting mortgagees into. Corporations need to be responsible for their own decisions. I for one do not want my tax dollars used to bail out those that made loans speculating that they could sell the loans to other corporations. Adjustable rates are not complicated-I think Countrywide just not help themselves from assuming that home prices would always go up.

This lawsuit,if won, saves taxpayer dollars! Is it that you don't know how to read or you don't know how to think? Duh!

Two way street wrote on Jul 24, 2008 6:49 PM:Think a minute -- duh -- the suit is decided for the city, now North Carolina-based Bank of America Corp goes in the red and taken over by the FDIC. Who is left holding the tab, the taxpayer.

duh duh wrote on Jul 24, 2008 7:27 PM:Think two minutes! The city is suing BofA because they are one of the stronger banks and will survive to pay the lawsuit damages. NO TAXPAYER MONEY!

It's not like they are suing WAMU or Wachovia. Those two will die slowly and painfully, because their assets were not as diversified as BofAs.

1000s of banks will fail before BofA does.

Old fart wrote on Jul 25, 2008 4:01 AM:I may date myself but I remember when you could work yourself into a good anxiety attack just contemplating your chances of getting a mortgage on your dream home. I can't believe how times have changed.

No Kidding wrote on Jul 25, 2008 5:07 AM:I suppose, if I were to tell someone to "go ahead and rob that bank, no one will care" and the person gets busted, it should be my fault?

Bravo SD wrote on Jul 25, 2008 9:47 AM:The cost of mass foreclosures to state and local governments is huge. Revenues go down (property taxes go down with real estate value, sales tax revenue goes down with folks not buying anything, etc). Expenses are up with folks being kicked out of their houses and apartments and needing more government assistance. These problems will only increase as property values continue to decline.

All this was enabled by lenders like B of A deciding that it was okay to lend to folks who could only afford to pay them back if real estate prices continued to rise.

It was a bad business model, it inevitably failed, and no one is immune from the fallout.

I applaud San Diego and other governments for recognizing whom is to blame for this, suing those responsible to recoup the costs of the economic damage.

Innocent taxpayers should not pay for this mess. The financial sector should bear all of the pain for their mistake. Let the weak banks fail, and let the strong ones pay pay pay.

Now that's what I call a correction!

Never wrote on Jul 25, 2008 2:13 PM:saw many businesses lose money, they pass it on to the customer/investor/employee. Wasn't Country Wide the institution involved as stated in the article? B of A bought them (no date given in the article, just stating they are the new owner). So is SD going after deep pockets? I guess B of A is just as negligent as the folks who took the subprime variable loans. Didn't read the fine print.