S.D. official sues to block foreclosures, wants ‘foreclosure sanctuary’

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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.

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