Mortgage Meltdown: City Of Baltimore, Wells Fargo Slug It Out As Lender Seeks Dismissal Of Reverse Redlining (Discrimination) Lawsuit
January 29, 2009
In Baltimore, Maryland, The Maryland Daily Record reports:
- Attorneys for the city of Baltimore and Wells Fargo traded arguments in federal court about the viability of the city’s first-of-its-kind “reverse-redlining” lawsuit against the nation’s biggest consumer bank. The San Francisco-based bank has asked the judge to dismiss the case, in which the city claimed Wells Fargo systematically targeted Baltimore’s black neighborhoods and borrowers for high-rate subprime loans — a practice the city alleged is illegal under the federal Fair Housing Act.
See also, The Baltimore Sun: City says Wells Fargo mortgages were predatory (Bank says complaint doesn’t prove that subprime loans hurt black neighborhoods).
For the lawsuit alleging predatory lending filed by the City of Baltomore, see:
- Mayor and City Council of Baltimore v. Wells Fargo Bank, N.A., et al. (approx 9.74 MB). DiscriminationPredatoryLendingAlpha
Filed under: Uncategorized |