US Supreme Court to Assess Whether Banks are Liable for Predatory Lending to Minorities

A legal case initiated by the city of Miami, Florida has reached the Supreme Court; the case (a combination of two earlier cases) claims that banks, including Bank of America and Wells Fargo, are financially liable for a decade of targeting blacks, Latinos and other minorities for loans with risky terms, including prepayment penalties, negative amortization and no documentation; there is concern that the case may be delayed until the Supreme Court regains a tie-breaking ninth Justice, or result in a return to the lower courts.  Source

Subscribe
Notify of
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments