MURDER, POLITICS, AND THE END OF THE JAZZ AGE
by Michael Wolraich
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Philadelphia's Lawsuit Against Wells Fargo (alleges the bank unfairly targeted minorities with bad loans)
By artappraiser on Mon, 05/15/2017 - 10:32pm |By J. Weston Phippen @ The Atlantic, May 15
Philadelphia is suing Wells Fargo for what it calls predatory lending in violation of the Fair Housing Act of 1968. The lawsuit comes two weeks after the U.S. Supreme Court ruled that cities can sue banks that may have targeted minorities with bad loans.
The city’s lawsuit, filed in the U.S. District Court in Philadelphia, says Wells Fargo purposefully pitched high-risk loans to black and Latino borrowers, though their credit enabled them to apply for better loans. The lawsuit says Wells Fargo was aware of this imbalance, and even encouraged employees to take advantage of it. The claims are similar to those made by Miami, which the U.S. Supreme Court ruled earlier this month could proceed with its lawsuits against banks for targeting minority customers [....]
URL:
https://www.theatlantic.com/news/archive/2017/05/philadelphia-wells-fargo-lawsuit/526758/
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