Some readers have asked to examine the latest insanity from Michael Aguirre, the City Attorney for San Diego.
Like Carl Luna said, "Mad Mike is a cross between Rasputin and a paranoid Dick Nixon off his meds", and his latest stunt is nothing more than a desperate politician pandering for votes - he faces a runoff election this fall.
Suing banks to stop foreclosures?
Jerry Brown beat him to the punch, filing a similar suit on behalf of the State of California, and the federal government passed their own version of insanity yesterday - but Mad Mike thinks his suing of the banks will force them to re-negotiate their mortgages?
Will the banks cave?
Lenders have terminated their wholesale operations, got out of the jumbo-loan business, stopped other loan programs, and cut staffs all in an effort to be more efficient.
Won't they take one look at Mad Mike and cross San Diego off their list too? That won't help the local real estate market, Mike.
Don't be surprised if we see a severe tightening of underwriting standards by lenders - they don't have to visibly delete San Diego from their map, just make it unbearble to get a loan.
Aguirre doesn't think about the ramifications of his lawsuits - he just thinks about himself.