S.D. official sues to block foreclosures, wants 'foreclosure sanctuary'
Breaking news, from Reuters: San Diego City Attorney Michael Aguirre said Wednesday that he filed a lawsuit against Bank of America Corp. and its Countrywide unit to prevent the mortgage lenders from foreclosing on homes in his city, which he aims to make a "foreclosure sanctuary."
More: "Aguirre plans to file similar lawsuits against Washington Mutual Inc., Wells Fargo & Co. and Wachovia Corp. in an effort to make the lenders negotiate with mortgage borrowers facing foreclosure."
Bank of America had no immediate comment on the suit.
From the San Diego Union-Tribune: "In a press conference held in front of a vacant, partially burnt Skyline home that has recently been taken over by Countrywide, Aguirre said he hopes his suit will be a way to bring other lenders together to work out settlements with borrowers who are about to lose their homes or who already have been foreclosed on.
More: "'We are asking that any additional foreclosures be stopped and that the parties come together and work out a reasonable alternative based on the values of these properties today so we can stop the spread of this foreclosure disease,'" Aguirre said.
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo Credit: EPA
Time for the attorneys to feed at the trough of greed.
Posted by: E | July 23, 2008 at 04:38 PM
I suppose there are people who get up in morning and write “make national laughingstock of yourself” on their To Do list.
The difference is Michael Aguirre follows through.
Posted by: TakeFive | July 23, 2008 at 04:44 PM
This Aguirre is such a moron. It just shows you how stupid you need to be in order to get law degree and get city job. OR should i say YOB.
The guy simply does not understand economics basics. He does not understand how secure loans work vs unsecured.
He lacks the knowledge to understand that secured (mortgage) loan cost 6% interest vs unsecured (Credit Card) loan that cost 15-20%.
If you take away the secured from mortgages which means banks can no longer foreclose, there will not be any mortgages in th 6%. There would be 15-20% mortgage rates, and literally, we could buy houses with credit cards for credit card amount sure as long as you have a good credit (>750) and good credit limit ($50,000).
What a joke, what a POS City Attorney!
Posted by: Laker | July 23, 2008 at 05:01 PM
Is Aguirre's house being foreclosed on??? Trying to make a name for himself...idiot.
I didn't realize buying real estate was a disease now....wow!!
Owning real property is not an entitlement.
To all the people being foreclosed on-GO RENT!
Posted by: Laura | July 23, 2008 at 05:06 PM
San Diego is one of my favorite cities. The kids love Sea World. You think maybe we can feed the DA to Shamu?
Posted by: puckhead | July 23, 2008 at 05:13 PM
If people can get write downs on their loans just by stopping paying their mortgages, the banks are all going to go bankrupt. The mortgage rates are already sky high. If San Diego goes through with this, banks will just pull out of California all together.
Posted by: Julia | July 23, 2008 at 05:23 PM
Here's a novel idea...how about whoever owns the house sells the house at a price someone is willing to buy it at? Oh I forgot this idea doesn't allow the perpetrators of this fraud (banks and bubble buyers) to profit.
Posted by: IToldu2CashOut | July 23, 2008 at 05:26 PM
Mike Aguirre's the best thing happen to San Diego since...forever.
Unless you've lived here all your life, you'll never understand.
For once, a city official with the cojones to take on the old-boy network that has run San Diego as a fiefdom for generations...and he's made them quiver in their boots.
He made a law-breaking corporation lop off the top of a skyscraper that they had built higher than the FAA allowed.
Awesome!
BTW: His brother paid the price for speaking truth to power in the Cheney administration, too.
!Viva Aguirre!
Posted by: sandiegan | July 23, 2008 at 05:41 PM
I have a better idea. San Diego can just buy up all the foreclosures with the 'Enron By The Seas' pension funds, then give the retiring employees with bloated pensions one of the houses when they retire....kill two birds with one stone.
Posted by: BottomFisher | July 23, 2008 at 06:14 PM
It's infuriating that imbeciles like this guy have the audacity to label their crusade "on behalf of the people of California." It's no more benefit to the people of California than the $300 billion federal payout to lenders and speculators, the payoff programs coming out of the California legislature, or a gunshot to the face. At least if you're going to waste taxpayer money being a sanctimonious a-hole, have the decency and honesty to call your BS lawsuit "on behalf of my ego, career ambitions, and creating future housing bubble/crash disasters." kthnks.
Posted by: Nick | July 23, 2008 at 06:15 PM
Bwah ha ha hahahaah!
One more Californian politician to whom reality is some foreign country.
Great comment Take 5.
Posted by: Louis Cabeza | July 23, 2008 at 06:21 PM
"...stop the spread of this foreclosure disease,...'"
The foreclosure disease... the stupidity of people never ceases to amaze me...and to think this moron actually has a license to represent people in court...what is happening to this country....
Usually when you cure a disease you try to go to the root of the problem to cure it...so in this debacle what was the root of the problem...it surely wasn't the banks...
Instead of bailing out people, banks and creating floors in the market...the gov't should send spend the money on sending mirrors to these idiots who are losing their houses....every N.O.D. should be delivered with a mirror....so folks can see how to cure the problem
Posted by: mrincomestream | July 23, 2008 at 06:43 PM
Ok, now I've heard it all. Isn't anyone responsible for their actions anymore?
Posted by: taxpayer | July 23, 2008 at 06:45 PM
didn't this jackass have to take a class on CONTRACTS in law school?
Posted by: jaded | July 23, 2008 at 08:06 PM
You know, it really is disturbing that renters seemingly do not matter to politicians. The fact that homeowners are suffering (really, only a small subset of homeowners who bought their first homes in the last 5 years) means that the nation as a whole is suffering. But in reality, LOWER PRICES ARE GOOD FOR (nearly) EVERYBODY.
Posted by: Fred | July 23, 2008 at 08:06 PM
Hey why donot you say it is SD, come and live here free. You donot have to pay after you buy home with 0 down, because I will sue banks if they ask for payments. We are being paid by the tax payer money who donot know what we do. lot of crap>>>>
Posted by: andrew | July 23, 2008 at 09:36 PM
I'm sure this has nothing to do with Judge Jan Goldsmith's very effective campaign against Mr. Aguirre for City Attorney.
I lived in San Diego from kindergarten to a few years ago, and have to disagree with "sandiegan" at 5:41 - Mr. Aguirre is an embarassment to the city.
Posted by: Former San Diegan in Vegas | July 23, 2008 at 09:47 PM
Just when I thought it couldn't get more moronic, I read this classic case of "I'm from the government and I'm here to help." Makes me sick to my stomach.
Posted by: Todd in WeHo | July 23, 2008 at 10:19 PM
The problem with Mr. Aquirre is not that he does not understand economics or laws, the problem is that he is just a typical lawyer - a self serving shark that is in it to promote himself politically and financially.
Posted by: Pichu | July 23, 2008 at 10:19 PM
Has anyone checked to see if this triple-bonehead actually filed such a nuisance lawsuit, or has he just claimed he filed? Where's the link to the pdf of the lawsuit? Let's see some fact checking!
Posted by: Hugh Jorgan | July 23, 2008 at 10:20 PM
"Pay no attention to the man behind the curtain." Or is it, "Now where did I put my magic wand?"
Somehow there must be a "stupid test" for public office! Maybe it's the simple willingness to take the job. Either way this one makes the "Darwin List" which means Barbra Boxer & Linda Richardson are on-board.
If there was ever proof of the need for real involvement in government by every citizen; this is it. The third of our population who actually shows up on election day has vetted this mess. They got away with it because most people were "too busy" to make the polls and those who did were uninformed.
Wake up people! We've become the very thing our parents & grandparents fought & died to save us from. The only good news is this is still America and folks cam make a difference. The bad news is, this is still America.
Posted by: Michael Snyder | July 23, 2008 at 10:30 PM
Let's see...
One day all the posters here have their panties in a bunch about Mozilo and his criminal profits, but when a pitbull city-attorney takes on the case of seeking some sort of justice in the matter, they get their panties in another bunch about about that.
I think they just like getting their panties in a bunch.
If there had been more activist, pitbull government officials doing their jobs instead of rolling over like lap dogs in heat, we wouldn't be in this mess.
Mike Aguirre's a bit tardy to this fight, but he's had his hands full going after the entrenched rats and roaches infesting the trough of San Diego city government.
Posted by: sandiegan | July 23, 2008 at 10:47 PM
TakeFive that was funny!!!!!!
Posted by: ab | July 23, 2008 at 11:34 PM
He should also make the area a gasoline $1/gallon zone. That would really help the locals for the one day that gas supplies lasted.
What a moron.
Posted by: keith | July 24, 2008 at 07:02 AM
At first, I thought this was a headline from "The Onion".
This is one lawsuit that will be smacked down so fast, his head will spin. Hey, maybe BofA (and others) can counter sue this clown for wrongfull prosecution.
Posted by: syscom3 | July 24, 2008 at 08:04 AM