Friday, November 5, 2010
BALTIMORE CITY SUES WELLS FARGO FOR "RACIST, PREDATORY LENDING PRACTICES"
As reported in The Baltimore Sun on October 23, 2010, the City is suing Wells Fargo for a third time for causing increased foreclosures through its discriminatory practices. Previous suits have been dismissed, and Wells Fargo denies all allegations. The Sun article continues:
"The latest complaint, filed Thursday in U.S. District Court, contains 14 new paragraphs that purport to address concerns that led Judge J. Frederick Motz to dismiss the case twice before — namely a lack of evidence that the mortgage lender was responsible for housing vacancies and millions of dollars in associated damages. In the second dismissal, Motz asked the city to show why the properties would not "have been vacant in any event." The new filing attempts to explain this through a general description of the ways in which lending to those who can't afford the loan leads to foreclosure."