Baltimore Files Suit Against Wells Fargo Alleging Discriminatory Predatory Lending Practices In Violation Of Fair Housing Act

In Baltimore, Maryland, The Baltimore Sun reports:

• Baltimore homeowners could receive counseling and financial support - including short-term loans to help avoid foreclosure - if the city wins the predatory and discriminatory lending lawsuit it filed yesterday against Wells Fargo Bank, Mayor Sheila Dixon said. [...] The lawsuit, filed in U.S. District Court in Baltimore, has been in the works since early last year, when city attorneys started to review foreclosure data. Wells Fargo issued a statement Monday saying the lender does not engage in illegal discrimination. City officials estimate that they could win "tens of millions" in damages if they prevail in the lawsuit and that a chunk of that money would be funneled into public programs to aid homeowners struggling with mortgages with adjustable interest rates.

For more, see City files suit over foreclosures (If Baltimore prevails, homeowners could receive counseling and financial support) (no longer available online).

See also:

• Baltimore Is Suing Bank Over Foreclosure Crisis (The New York Times),
• Baltimore Sues Wells Fargo for Subprimes (The Associated Press).

To view the lawsuit:

• see Mayor and City Council of Baltimore v. Wells Fargo Bank, N.A., et al. (8.76 MB) (available online courtesy of the Washington, D.C. law firm Relman & Dane, representing the City of Baltimore), or
• lawsuit also available here courtesy of Public Citizen's Consumer Law & Policy Blog, or
• go to this this direct link on the PACER system (approx. 11 MB - PACER registration required - 39 pages - $2.40).

For yesterday's post, see City Of Baltimore To Target Wells Fargo In Federal Race Bias Suit Alleging Discriminatory Predatory Lending.

Go here and go here for other posts on alleged race bias in real estate transactions. race bias predatory lending