7.23.2008

All is forgiven

People of San Diego, stop paying your mortgages!

City attorney Michael Aguirre declares San Diego a foreclosure sanctuary.

SAN DIEGO, July 23 (Reuters) - San Diego City Attorney Michael Aguirre said on Wednesday 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."

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.

"We would like to see San Diego become a foreclosure sanctuary," Aguirre said.

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