Atlanta officials have approved a resolution that could lead to a lawsuit against subprime lenders blamed for foreclosures across the region.
The city will hire a private firm to investigate whether there are grounds to file suit against dozens of subprime lenders whose practices city officials say led to Georgia having the seventh highest foreclosure rate in the nation for the first quarter of 2009.
The resolution, which received unanimous approval, does not name any specific defendants.
A report by foreclosure listing firm RealtyTrac this month named Georgia among the top 10 states in the nation for foreclosures during the first quarter of 2009.
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