Florida man trying to sue over lost equity
Story By: Bea Karnes
Source: NBC
Everyone is impacted by housing slump. Even if you can make your payments, your neighbors might not, and that can mean lower values for the whole neighborhood.
Now one man's crusade could give you a chance at financial redemption. "Within the last two years I've lost a lot of money and equity in my home," said Morano. "I felt somebody should take responsibility. "A lot of people might blame greedy investors, greedy tipsters, or people who just want to make a quick buck - but it still comes down to the banks."
So he got onto his computer and started a website. It's actually an online petition for a class action lawsuit against, what he says are, a number of top U.S. banks. "Those people would not be able to buy homes if the banks did not give them the money. The banks would not give them money to go play blackjack," said Morano.
"This website is certainly a cry for help," said real estate attorney Kevin Jursinski after reviewing Morano's petition. He agrees someone should be held responsible, but says it's not that simple. "It's very easy to say I made a bad investment and I don't think I'm responsible for it. But the reality is everyone who signs a contract in Florida is responsible for what they sign," said Jursinski.
As for Morano, he's now looking for signatures of his own. "Somebody has to be responsible and it shouldn't be the average homeowner who is trying to live the American dream," he said.
