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Supreme Court rules cities can sue banks for predatory lending

Posted by   /  May 1, 2017  /  No Comments

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By Ben Lane | HousingWire

The Supreme Court handed down a landmark ruling, stating cities can sue banks for discriminatory mortgage lending practices, but cautioned that the burden of proof could be difficult to achieve.

In a 5-3 ruling released Monday, the Supreme Court ruled cities hold the right to sue banks over the banks’ lending practices, if an alleged violation of the Fair Housing Act is claimed.

The ruling stems from a lawsuit brought by city of Miami, which sued Bank of America, Wells Fargo, and Citigroup in 2013, stating that the banks engaged in predatory lending to minority borrowers in the city.

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  • Published: 4 months ago on May 1, 2017
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  • Last Modified: May 1, 2017 @ 12:26 pm
  • Filed Under: Courts/Law, Real Estate

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