BofA must face Chicago-area predatory lending lawsuit

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BofA must face Chicago-area predatory lending lawsuit

BofA must face Chicago-area predatory lending lawsuit

Reuters-

A federal judge rejected Bank of America Corp’s request to dismiss a lawsuit in which Cook County, Illinois, accused the lender of targeting black and Hispanic borrowers in the Chicago area with subprime mortgages.

In a decision dated Thursday, U.S. District Judge Elaine Bucklo in Chicago said Cook County could pursue allegations that the bank steered minority borrowers into an outsized number of high-cost home loans, resulting in more foreclosures, lower property taxes and greater urban blight.

“The county has asserted an adequate injury-in-fact that is plausibly connected to defendants’ alleged discriminatory lending,” Bucklo wrote. She did not rule on the case’s merits.

[REUTERS]

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