San Diego City Attorney's Lawsuit Against Countrywide The Target Of Satire

In a satirical commentary on the recent efforts of San Diego City Attorney Michael Aguirre in bringing a predatory lending lawsuit against Countrywide Financial to create a sanctuary in the city where foreclosures can be put on hold while people are helped to obtain affordable terms on their mortgages and stay in their homes, The Spoof! reports:

• City Attorney Michael Aquirre announced plans today to designate this coastal city as an official Mortgage Foreclosure Sanctuary, and declared the national financial crisis over.

***

• Aquirre said his bill would allow any mortgage holder in the country in danger of default due to predatory lending practices to apply for, and receive, an honorary homestead exemption making them eligible for sanctuary status. Among the first to file were Chairman of the Banking Committee, Senator Christopher Dodd (D. Cn), and Senator Kent Conrad (D. ND). Both Senators had received multiple preferential loans through contact with Country Wide Financial founder Angelo Mozilo. While both loans were below accepted market standards and prevailing rates, the Senators claimed they were "tricked" into signing the loans and that they were thereby "null and void" and all financial obligations should be waived.

***

• Aguirre said there would be some limits on sanctuary coverage.

For more, including the limitations on sanctuary coverage set forth in the "Aguirre bill", see San Diego Declares Banking Crisis Over, Creates Mortgage Sanctuary for Deadbeats and Politicians.(1)

(1) Requires sense of humor.