The City of Cleveland filed an unusual suit January 11 seeking damages from 21 investment banks and lenders for financing and cultivating the subprime market. The suit claims the defendants violated the Ohio public nuisance law.

Don’t look now, but the next crisis is coming. Comptroller of the Currency John Dugan, in a speech to Florida bankers, warned that his office is now focusing increased attention on high concentrations in commercial real estate (CRE) — especially at community banks.

There is growing dissatisfaction with the mortgage-relief programs that are now in operation. In the first place, all of these programs — HOPE NOW, Project Lifeline, FHASecure — admittedly limit their support to narrow categories of homeowners, leaving out in the cold many others who appear to be equally deserving.

Twenty-one Democratic members of Congress, led by Rep. Paul Kanjorski ( Pa.), have written the Secretaries of Education and the Treasury warning that the current credit market upheavals could threaten the availability of loans under the Federal Family Education Loan Program (FFELP).