Cleveland Can't Sue Banks that Financed Subprime Loans

As the crumbling of the American subprime housing market triggered economic crisis across the nation and world, Rust Belt cities like Cleveland were particularly hard-hit.

By 2007, the Cleveland metropolitan area had the seventh-highest rate of foreclosures in the nation, the Columbus Dispatch reported. One of every 57 homes was in foreclosure.

"Holmes is the seminal United States Supreme Court decision that discusses the directness requirement, and the Ohio Supreme Court has adopted the Holmes Court's proximate cause analysis," Suhrheinrich wrote.

Cleveland disagrees and, in August, filed an appeal for an en banc rehearing.

Paul Dailing

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