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Miami Sues JPMorgan for Racial Discrimination

 
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JasmineE02 View Drop Down
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    Posted: Jun 16 2014 at 11:27pm

Miami Sues JPMorgan for Racial Discrimination in Mortgage Lending


The city of Miami has sued JPMorgan Chase, accusing the bank of predatory mortgage lending in minority neighborhoods that allegedly caused a wave of foreclosures during the last decade's housing crisis.

The lawsuit, filed on Friday in federal court in Florida, said the country's largest bank engaged in a continuous practice of discriminatory mortgage lending since at least 2004, violating the U.S. Fair Housing Act.

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After issuing high-cost loans to minorities in the years before the housing crisis, JPMorgan later refused to refinance the loans on the same terms as it extended to whites, leading to defaults and foreclosures, the complaint said.

The lawsuit came just weeks after the city of Los Angeles filed similar claims against JPMorgan, seeking to recoup damages for lost tax revenue and increased city services needed in blighted neighborhoods.

"The Miami City Attorney's claims are baseless and stand contrary to our long record of providing affordable housing to low- to moderate-income families across the region," JPMorgan spokesman Jason Lobo said. The bank will defend itself against the claims, he said.

Wells Fargo & Co, Citigroup Inc and Bank of America Corp also face lawsuits by Los Angeles and Miami for allegedly giving minorities home loans they could not afford, resulting in massive defaults. The banks have contested the claims, saying they have records as responsible lenders.

Among major cities, Miami has led the country in foreclosures, and JPMorgan's practices contributed to its problems, Friday's lawsuit alleged. Loans in predominantly minority neighborhoods in Miami were about 4.6 times more likely to result in foreclosure than loans in neighborhoods with a majority of white residents, the lawsuit said.

A spokesman for the city of Miami did not immediately return a request for comment.

- Reuters

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rickysrose View Drop Down
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Post Options Post Options   Thanks (1) Thanks(1)   Quote rickysrose Quote  Post ReplyReply Direct Link To This Post Posted: Jun 16 2014 at 11:30pm
justice?  

Hope this is just the beginning 
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carolina cutie View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote carolina cutie Quote  Post ReplyReply Direct Link To This Post Posted: Jun 17 2014 at 12:22am
Right RR? I'm more concerned with the people who lost their homes walking around with a damaged credit rating getting "justice".
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Alias_Avi Quote  Post ReplyReply Direct Link To This Post Posted: Jun 17 2014 at 12:23am
No surprises here considering that they used to insure/own enslaved African Americans
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