City Of Baltimore, Wells Fargo Slug It Out In Federal Court

In Baltimore, Maryland, The Baltimore Sun reports:

• In the latest accusation over who's to blame for hundreds of home foreclosures, city attorneys filed a motion last night in federal court saying that Wells Fargo Bank's actions are far more devious than the city's and that the court should force the lending institution to pay the city millions of dollars in lost revenue.

• The city and Wells Fargo have each blamed each other for the mortgage crisis: First, Baltimore said Wells Fargo Bank was responsible for hundreds of home mortgage foreclosures. Then, the bank shot back with allegations that the city forecloses on many more homeowners through its own tax lien programs.

• In the motion filed in U.S. District Court in Baltimore late last night, attorneys for the city argue that Wells Fargo's motion to dismiss the city's case should be ignored and that the bank's attempt to blame local government for housing problems and urban ills is "palpably false."

For more, see City says federal court should force Wells Fargo to pay for lost revenue (The two have blamed each other for hundreds of Baltimore home foreclosures).

In a related story, see Baltimore Business Journal: Baltimore alleges Wells Fargo targeted homeowners with needless refinancing offers.

To view the lawsuit, see Mayor and City Council of Baltimore v. Wells Fargo Bank, N.A., et al. (8.76 MB).

Go here for other posts referencing Baltimore's battle with Wells Fargo.