{"id":1456,"date":"2014-05-30T14:28:19","date_gmt":"2014-05-30T14:28:19","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/05\/wells_fargo_must_face_los_ange"},"modified":"2022-03-11T10:18:36","modified_gmt":"2022-03-11T16:18:36","slug":"wells-fargo-must-face-los-ange","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/wells-fargo-must-face-los-ange\/","title":{"rendered":"Wells Fargo Must Face Los Angeles\u2019s Lawsuit Over Predatory Loans"},"content":{"rendered":"

\t\t\t\tU.S. District Judge Otis Wright II says that a lawsuit by the city of Los Angeles, which seeks to hold Wells Fargo & Co. (WFC) liable for foreclosures that occurred when the U.S. housing market collapsed, may proceed. Although Wright did not rule on the merits of the city’s claims, he said that L.A.’s allegations that the bank used “predatory loans” to target minority lenders were legally sufficient at this point.<\/p>\n

The California city has filed separate cases against Wells Fargo, Bank of America Corp. (BAC) <\/a>and Citigroup Inc. (C)<\/a> accusing the mortgage lenders of engaging in discriminatory practices going as far back as at least 2004. L.A. says that the banks placed minority borrowers in loans that were out of their budget, raising the number of foreclosures in the city’s neighborhoods. <\/p>\n

According to the city, local homeowners have lost around $78.8 billion in home value because of foreclosures that occurred between 2008 and 2012. Property tax revenue that was lost because of this was reportedly $481 million. Now, Los Angeles wants to hold the banks liable for the increase in municipal services and the tax revenue that was lost due to the foreclosures.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

U.S. District Judge Otis Wright II says that a lawsuit by the city of Los Angeles, which seeks to hold Wells Fargo & Co. (WFC) liable for foreclosures that occurred when the U.S. housing market collapsed, may proceed. Although Wright did not rule on the merits of the city’s claims, he said that L.A.’s allegations […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3836],"tags":[],"class_list":["post-1456","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-wells-fargo"],"yoast_head":"\nWells Fargo Must Face Los Angeles\u2019s Lawsuit Over Predatory Loans — Investor Lawyers Blog — May 30, 2014<\/title>\n<meta name=\"description\" content=\"U.S. District Judge Otis Wright II says that a lawsuit by the city of Los Angeles, which seeks to hold Wells Fargo & Co. 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