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Cleveland Sues Big Banks Over Subprime Fallout

The City of Cleveland on Friday filed a lawsuit against 21 banks involved in subprime loans in the city.

The city argues that the lenders created a public nuisance by selling high volumes of subprime loans in an economy and housing market that was not as strong as in other parts of the country. Cleveland leaders say the banks should have known many of the loans would go bad.

Mhari Saito of member station WCPN reports.


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