LA sues Bank of America, alleges discriminatory mortgage lending

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LA sues Bank of America, alleges discriminatory mortgage lending

LA sues Bank of America, alleges discriminatory mortgage lending

Just early in the day: LA sues Citi, Wells Fargo over discriminatory mortgage lending


Chicago Tribune-

The city of Los Angeles has filed a lawsuit against Bank of America in U.S. federal court in California, accusing it of discriminatory mortgage lending in the city’s minority communities.

The lawsuit, filed by City Attorney Michael Feuer, accused the bank of engaging in a “continuous pattern and practice of mortgage discrimination” since at least 2004, according to a court filing.

A spokesman for Bank of America could not immediately be reached for comment.

The complaint alleged that the bank’s practices led to a wave of foreclosures in minority neighborhoods that continued to hurt the city’s property tax revenues and increased the need for city services.

[CHICAGO TRIBUNE]

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