The Morning Report
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City Attorney Mike Aguirre sued Wachovia Corp. today, alleging predatory lending practices. The suit focused on the practices of Golden West Financial Corp., a mortgage lender that merged with Wachovia in 2006.
Aguirre wants the bank to stop all foreclosure proceedings on predatory subprime loans and modify the loans to allow borrowers to stay in their homes. He defined those loans generally as mortgages that were illegal on the day they were made because the bank knew the borrower would be unable to afford the loan as it matured. Here’s a copy of the suit.