Local Metro Atlanta Counties Cobb, DeKalb, and Fulton sued the London-based Bank HSBC in US District Court on Thursday, claiming that the bank took advantages of minority borrowers when giving loans prior to the Housing Market Collapse and the "Great Recession". The suit alleges that HSBC "put them in mortgages they couldn't afford, or gouging consumers with pricey loans and high fees when they might have qualified for cheaper mortgages", among other grievances. While a suit like this is unprecedented in Georgia, it is the third of its kind in the United States, where counties in and around Baltimore, Memphis, and Shelby County, Tennessee have done the same. Even though the economy is still in a state of fluctuation, a suit like this could continue to snowball throughout America, and most likely in places like Florida, New York, and California where the Housing Market Crash severely affected the states. If these suits were to become more common, one could expect counties across the country to win billions of dollars that could go to try and rebuild their counties for the better. This suit could be like the first cases against mob bosses that could start many like it across the country that ended up taking dangerous criminals off the street and lowering crime rates across the country. While mobs and crime can never be stopped, the same can be said about abusive mortgage lenders, trying to make as much money as possible, however, if the law could give some protection to at risk borrowers, people around the country could be more and more trustful that they are getting the best advice about what to do with their money.
Sources: http://www.ajc.com/news/news/cobb-fulton-dekalb-sue-british-bank-allege-predato/nSg9Y/
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