Miami sues big banks over discriminatory mortgage lending

Reuters

Miami has sued Bank of America , Wells Fargo and Citibank in U.S. federal court in Florida, for discriminatory mortgage lending practices against minority residents that resulted in a rash of foreclosures, the city said on Thursday.

The lawsuits, filed on Dec. 13, accuse the banks of engaging in a “continuous pattern and practice of mortgage discrimination in Miami” since at least 2004 in violation of the U.S. Fair Housing Act of 1968, according to a court filing.

A spokesman for Wells Fargo said the bank was “disappointed” in the city’s decision to move ahead with what it called “baseless allegations”.

“Our team members live and work here, and we are deeply invested in the success of all of our neighborhoods. We believed that the City of Miami shared our objective of helping borrowers get much needed access to credit and relief,” the spokesman added.

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