States can now sue banks over home mortgage deception because of key Supreme Court Ruling.

The New York Times is reporting that the supreme court 5-4 vote allowing states to sue banks for creating sub-prime mortgages that the banks then sold off to Freddie Mae and Freddie Mac, may have far reaching consequences.

The ability for states to sue the banks over the Freddie Mae and Freddie Mac sub prime mortgages that they created may help encourage the banks to not continue foreclosing on homes at a rate that apparently approaches 10,000 homes a day!

If you are motivated to call your congressperson in your district, REMIND THEM that the Supreme Court has ruled that states can sue banks over the subprime mortgage accounts that were then re-sold to freddie mae and freddie mac before the accounts defaulted. REMIND YOUR CONGRESS PERSON that the banks now have a reason to work with the states to come up with better solutions to the home mortgage crisis.

You can credit both Elliot Spitzer and then Andrew Cuomo with successfully bringing this court case to the supreme court, and winning.

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