Given the subprime mortgage debacle and the spate of foreclosures around the country, it’s no surprise that city governments are looking for someone to blame. But our nation's courts are refusing to validate this scapegoating effort.
Courts rule against cities in subprime mortgage suits
Memphis jumps on the subprime suit bandwagon
At the end of December, Memphis Mayor A.C. Wharton Jr and other city and county officials filed suit against Wells Fargo for allegedly targeting black homeowners for high-interest subprime mortgages.
Congressman calls CFPA "Orwellian"
WASHINGTON DC -- Republican Rep. Jeb Hensarling of Texas says Democrats in Congress have "a control issue." They want to control the cars we drive, the doctors we see, and the loan products we use.
The next target for public nuisance suits
As cash-strapped states and cities look for unconventional ways to come up with funds for basic services, one attorney believes they will set their sights on an unpopular industry: subprime mortgage lenders.
Wells Fargo hit with second discrimination suit
SPRINGFIELD, Ill – Wells Fargo is the target of yet another lawsuit involving minorities, this one filed by Illinois Attorney General Lisa Madigan.
Federal Judge rules against Wells Fargo
BALTIMORE -- The City of Baltimore has provided enough proof to continue its suit against Wells Fargo over allegations that the mortgage lending giant targeted blacks for subprime loans, according to U.S. District Court Judge Benson Legg.
Going After the Wrong Guys
CLEVELAND, Oh. – Last month’s decisive victory for 21 investment banks, in which a federal district judge dismissed the city of Cleveland's 16-month-old lawsuit against the subprime lenders, was met with mixed emotions in the legal community.
Baltimore targets Wells Fargo in racially motivated lawsuit
BALTIMORE -- The City of Baltimore is suing Wells Fargo over the company’s alleged practice of steering blacks towards high-interest loans.
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